KARACHI – Bank Makramah Limited (BML) is making significant progress in its recapitalisation efforts, underscoring its commitment to long-term financial stability and growth. This advancement is bolstered by a recent deposit of PKR 5 billion from His Excellency Nasser Abdulla Hussain Lootah, BML’s esteemed sponsor.
This deposit will be recorded as an advance against share subscription, pending regulatory approvals. It follows his earlier capital injection of PKR 10 billion in 2023. Additionally, the proposed merger of Global Haly Development Limited, a company owned by the sponsor, into BML demonstrates a substantial commitment, bringing the total to PKR 41 billion.
The Bank expresses its deepest gratitude to the sponsor for his unwavering support and vision for BML and the banking sector in Pakistan.
In a concurrent strategic move, BML’s Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of PKR 12 billion. This landmark transaction represents a major step which will result in significant liquidity and capital gains for the Bank.
Further bolstering its financial position, the Bank is in the final stage of recovering over PKR 13 billion of its legacy non-performing loans, which is expected to have a substantial impact on its profitability and capital base.
All of the above initiatives are projected to increase BML’s net assets by around PKR 50 billion. This will further strengthen the Bank’s commitment to serving its customers better and play a significant role in Pakistan’s financial sector.
