Bank Makramah’s net assets witness an increase of Rs29.39 billion
Bank Makramah Limited (BML) has taken a significant step toward strengthening its capital base with the Board of Directors approving a comprehensive restructuring plan. This transformative initiative involves the merger of Global Haly Development Limited (GHDL) into BML, boosting the bank’s net assets by approximately PKR 29.39 billion. This strategic move is set to enhance BML’s financial stability and position it for long-term growth.
As part of the restructuring, fully
paid ordinary shares will be issued to GHDL shareholders, and Term Finance
Certificates (TFCs) will be redeemed along with accrued profits. Additionally,
BML plans to streamline its capital structure by canceling shares not backed by
available assets, further strengthening its financial foundation.
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Chairman of the Board, Mr. Abdullah
Nasser Abdulla Hussain Lootah, highlighted the sponsors' strong commitment,
stating, “This restructuring reflects our unwavering dedication to the Bank’s
transformation and long-term success. It positions us to enhance shareholder
value and meet the evolving needs of our customers.”
The plan, approved during a board
meeting on Thursday, is subject to regulatory, corporate, and shareholder
approvals, along with the sanction of the Islamabad High Court.
Source: Pakistan Observer