Shareholders of Bank Makramah Limited (BML) have overwhelmingly approved a Scheme of Arrangement for the bank’s restructuring during an Extraordinary General Meeting. The scheme secured an extraordinary 99.99% of votes in favour, the bank announced in a press release on Saturday.
The restructuring initiative, filed before the Islamabad High Court, aims to align BML with the State Bank of Pakistan’s regulatory capital requirements and significantly enhance its financial stability. The plan is expected to strengthen BML’s net assets by approximately Rs29.39 billion.
“The restructuring marks a pivotal step toward fortifying the bank’s foundation and positioning it as a resilient financial institution capable of effectively serving its stakeholders,” the bank stated.
Key Components of the Restructuring Scheme
The scheme involves four main stages:
- Amalgamation of GHDL’s Undertaking: The integration of Global Haly Development Limited (GHDL’s) operations into BML.
- Issuance of Shares to GHDL Shareholders: Allocation of fully paid ordinary shares of BML to GHDL shareholders.
- Settlement of TFC Redemption Amount: Payment through the issuance of fully paid ordinary shares of BML to Term Finance Certificate (TFC) holders.
- Capital Reduction: Cancellation of share capital not represented by available assets.
The restructuring is seen as a critical milestone in BML’s trajectory toward financial stability and growth, enabling it to better meet the needs of its customers and stakeholders.
