Bank Makramah Announces Strategic Restructuring to Boost Net Assets by Rs29.39 Billion

Karachi: Bank Makramah Limited (BML) has revealed a transformative restructuring plan that aims to bolster its capital base significantly, with the Board of Directors approving a comprehensive scheme of arrangement.

According to Bank Makramah Limited, the restructuring involves the amalgamation of Global Haly Development Limited (GHDL) into BML, resulting in an increase in the Bank’s net assets by approximately PKR 29.39 billion. This initiative is expected to enhance the Bank’s financial standing and position it for sustained growth.

The restructuring plan includes issuing fully paid ordinary shares to GHDL shareholders and redeeming Term Finance Certificates (TFCs) along with accrued profit. Additionally, the Bank plans to streamline its capital structure by reducing share capital through the cancellation of shares not represented by available assets, a move aimed at ensuring financial stability.

The Chairman of the Board of Directors, Abdullah Nasser Abdulla Hussain Lootah, highlighted the sponsors’ commitment to the Bank, stating, “This restructuring reflects our unwavering dedication to the Bank’s transformation and long-term success. It positions us to enhance shareholder value and meet the evolving needs of our customers.”

The approved scheme, discussed in a board meeting on Thursday, awaits regulatory, corporate, and shareholder approvals, as well as the sanction of the Islamabad High Court.

The post Bank Makramah Announces Strategic Restructuring to Boost Net Assets by Rs29.39 Billion appeared first on Pakistan Business News.