BML unveils corporate developments and plans
In a notable move to enhance transparency and
bolster investor confidence, Bank Makramah Limited (BML) disclosed significant
corporate developments to the Pakistan Stock Exchange (PSX) on Thursday,
highlighting key financial transactions and strategic initiatives.
Capital
Injection from Principal Sponsor
BML informed the PSX that its Board of Directors
has authorized the President and CEO to finalize a critical agreement with the
bank’s principal sponsor, Nasser Abdulla Hussain Lootah. Under this agreement,
the sponsor has deposited PKR 5 billion into a Foreign Currency Account as an
Advance Against Share Subscription. This infusion is subject to final
regulatory approvals for share issuance through means other than a rights
issue.
Read More Bank
Makramah secures Rs5 billion investment to strengthen capital base
This latest capital injection follows an
earlier investment of PKR 10 billion made by the sponsor in 2023, in accordance
with a binding Investment Agreement signed on October 30, 2024. The renewed
financial commitment significantly strengthens BML’s capital base and
underscores the sponsor’s long-term dedication to the bank’s strategic vision.
Strategic
Real Estate Transaction
In a complementary development, BML’s Board
has approved a firm offer of PKR 12 billion for the sale of its premium real
estate asset — Cullinan Tower (also known as Summit Tower) located in Clifton,
Karachi. The bid was placed by M/s Sumya Builders & Developers. Management
has been authorized to proceed with the execution of a Sale Purchase Agreement,
subject to the Board-approved terms and conditions.
Read More Bank
Makramah’s net assets increase by Rs29.39 billion
Outlook
These key disclosures mark an important
milestone in BML’s corporate strategy, reflecting the bank’s commitment to
optimizing its asset portfolio and reinforcing its financial foundation. Market
analysts interpret these moves as evidence of BML’s forward-thinking governance
and its ongoing pursuit of sustainable growth.
Through these strategic initiatives, Bank
Makramah Limited continues to assert itself as a resilient and transparent
leader within Pakistan’s financial sector, driven by a clear ambition to create
lasting value for its stakeholders.
Source: pkrevenue.com