Bank Makramah Limited has unveiled a comprehensive restructuring plan designed to significantly enhance its financial position. In a meeting held on November 28, 2024, the bank’s Board of Directors approved a Scheme of Arrangement aimed at streamlining operations and improving balance sheet health.
As part of the restructuring, Global Haly Development Limited (GHDL), a private limited company owned majorly by the BML chairperson, will be merged into Bank Makramah, consolidating the two entities to optimize operational efficiency.Â
The bank will issue fully paid ordinary shares to GHDL’s shareholders, effectively incorporating their equity into the bank’s capital structure. Additionally, Term Finance Certificate (TFC) holders will receive ordinary shares as part of the bank’s efforts to settle outstanding obligations and reduce its debt burden. To further strengthen its financial position, Bank Makramah will also reduce its share capital by canceling shares that are not represented by tangible assets.
This move remains contingent on obtaining necessary approvals from regulatory authorities, shareholders, and final sanctioning by the Islamabad High Court under relevant provisions of the Companies Act, 2017.
The restructuring is expected to increase the bank’s net assets by approximately PKR 29.39 billion, providing a much-needed boost to its capital base. This development is seen as a strategic step towards enhancing the bank’s resilience in a challenging economic environment and is likely to attract increased investor interest.
The announcement has been communicated to the Pakistan Stock Exchange (PSX) and relevant regulatory bodies, including the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP), as the bank moves forward with the implementation of this plan.
