Karachi: Bank Makramah Limited (BML) has taken a significant step toward fortifying its financial foundation with the Board of Directors approving a comprehensive restructuring scheme. The transformative initiative reflects the sponsors’ firm commitment to the Bank’s long-term growth and sustainability.
A key element of the restructuring involves the amalgamation of Global Haly Development Limited (GHDL) into BML, which will boost the Bank’s net assets by approximately Rs 29.39 billion. This strategic move is expected to significantly enhance BML’s financial standing and pave the way for sustained future growth.
The scheme also includes the issuance of fully paid ordinary shares to GHDL shareholders, ensuring equitable alignment post-amalgamation. In addition, the Bank will redeem its outstanding Term Finance Certificates (TFCs), including accrued profit, and optimize its capital structure by reducing share capital through the cancellation of shares not backed by available assets. These measures aim to ensure robust financial stability and operational efficiency.
Speaking on the development, Abdullah Nasser Abdulla Hussain Lootah, Chairman of the Board of Directors, highlighted the sponsors’ unwavering commitment to the Bank’s transformation. “This restructuring reflects our steadfast dedication to the Bank’s growth and success. It positions us to enhance shareholder value while addressing the evolving needs of our customers,” he remarked.
The restructuring scheme, approved during a Board meeting on Thursday, is subject to regulatory, corporate, and shareholder approvals, along with sanctioning by the Islamabad High Court.
With this initiative, BML aims to solidify its position in the financial sector, fostering growth and stability in alignment with its long-term strategic objectives.
