KARACHI — Bank Makramah Limited (PSX: BML) has announced that its Board of Directors has approved a key agreement with Sponsor His Excellency Nasser Abdulla Hussain Lootah, under which a sum of Rs5 billion has been deposited in the bank as advance against future share subscription.
According to a regulatory filing with the Pakistan Stock Exchange on Wednesday, the amount will be maintained in the bank’s foreign currency account until the requisite regulatory approvals are secured for issuing shares to the Sponsor through a mechanism other than a rights issue.
This capital injection follows a previous Rs10 billion contribution made by the Sponsor in 2023 under the Investment Agreement signed on October 30, 2024.
In a parallel development, BML’s Board has also approved a confirmed Rs12 billion offer from Sumya Builders & Developers for the sale of Cullinan Tower (also known as Summit Tower), located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. The management has been authorised to proceed with executing the sale-purchase agreement, subject to the Board’s approved terms and conditions.
Further bolstering its financial position, the Bank is in the final stage of recovering over PKR 13 billion of its legacy non-performing loans in the near future resulting in a strong impact on its profitability and capital base.
All of these initiatives are projected to increase BML’s net assets by around PKR 50 billion, further strengthening the Bank’s commitment to serve its customers and play a significant role in the financial sector of Pakistan.
