Bank Makramah approves 27.9 million shares to settle TFC liability, restructuring plan

Bank Makramah Limited has approved the issuance of 27.89 million shares to settle outstanding liabilities related to its term finance certificates (TFC), following shareholder approval at its annual general meeting.

In a notice to the Pakistan Stock Exchange on Wednesday, the bank said the shares will be issued to TFC holders against settlement of principal and accrued profit up to December 31, 2025, subject to regulatory approvals. The issuance will form part of the bank’s Tier-1 capital.

Separately, shareholders also approved a scheme of arrangement to reorganise the bank’s shareholding structure, which has been filed before the Islamabad High Court.

Under the proposed plan, a portion of the sponsor’s existing shares will be cancelled, and new shares will be issued to remaining shareholders on a pro rata basis at no cost.

The bank said the reorganisation scheme will be implemented after court approval, with eligibility for new shares determined based on the register of members as of a specified book closure date.