Bank Makramah Limited Shareholders Approve Restructuring Scheme with 99.99% Votes
Islamabad, December 26, 2024 – In a decisive move towards financial stability and growth, the shareholders of Bank Makramah Limited (BML) have overwhelmingly approved the Scheme of Arrangement for restructuring the bank during an Extraordinary General Meeting (EGM) held yesterday. The scheme, filed with the Islamabad High Court under Sections 279 to 283 and 285(8) of the Companies Act, 2017, garnered an extraordinary 99.99% of votes in favor.
The restructuring plan is designed to align BML with the State Bank of Pakistan’s regulatory capital requirements, enhancing its financial standing and long-term viability. Once implemented, the scheme is projected to strengthen the bank’s net assets by approximately Rs. 29.39 billion, laying a solid foundation for BML to better serve its stakeholders.
Key Stages of the Restructuring Scheme
The approved Scheme of Arrangement includes four critical stages:
- Amalgamation of GHDL’s Undertaking into BML: The transfer of GHDL’s business operations into BML.
- Issuance of Ordinary Shares to GHDL Shareholders: Fully paid ordinary shares of BML will be issued to GHDL shareholders.
- Settlement of TFC Redemption Amount: Fully paid ordinary shares of BML will be issued to TFC Holders as settlement for the TFC Redemption Amount.
- Reduction of Share Capital: Cancellation of BML’s share capital unrepresented by available assets.
Milestone Achievement
This pivotal restructuring marks a significant milestone in BML’s journey, reflecting the bank’s commitment to reinforcing its financial resilience. By fortifying its capital base, BML aims to emerge as a stronger financial institution, better equipped to meet the evolving needs of its customers and stakeholders.
The approval underscores the trust and confidence of shareholders in the bank’s vision and strategic direction, paving the way for a robust and sustainable future.
