Bank Makramah Limited Accelerates Recapitalization with Major Capital Injections and Strategic Asset Sale, Signaling Robust Future Growth
Karachi: Bank Makramah Limited (BML) is making significant strides in its recapitalization efforts, reinforcing its commitment to long-term financial stability and growth. This progress is supported by a recent PKR 5 billion deposit from His Excellency Nasser Abdulla Hussain Lootah, BML’s esteemed Sponsor. This amount, to be recorded as an advance against share subscription pending regulatory approvals, follows his earlier PKR 10 billion capital injection in 2023. In addition, the proposed merger of Global Haly Development Limited, a company owned by the Sponsor, into BML reflects his substantial commitment, which will total PKR 41 billion. The Bank extends its deepest gratitude to the Sponsor for his unwavering support and vision for BML and Pakistan’s banking sector.
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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 in the near future resulting in a strong 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 shall further strengthen the Bank’s commitment to better serve its customers and play a significant role in the financial sector of Pakistan.
