BML Sponsor proposes share adjustment to lower stake

November 19, 2025 (MLN): Bank Makramah Limited (BML)'s sole sponsor shareholder, Nasser Abdulla Hussain Lootah, has proposed a significant adjustment to the number of shares he holds in the bank.

This will be beneficial for both the bank and its other shareholders.

The proposal follows the successful sanction by the Islamabad High Court of a Scheme of Arrangement for the bank's restructuring.

This scheme included the merger of Global Haly Development Limited (GHDL) into BML and a reduction of the bank's share capital, a milestone intended to bolster the bank's ongoing capitalisation efforts toward meeting the minimum capital requirement (MCR) and capital adequacy ratio (CAR).

Following the court sanction, Nasser Abdulla Hussain Lootah currently owns 86.1% of the shareholding in BML.

The key aspect of his proposal involves adjusting the number of shares already issued to him under the Scheme.

The original swap ratio for the Scheme was determined over a year ago, based on a Bank share value of Rs2.14.

Given the significant increase in the quoted price of BML's share on the Pakistan Stock Exchange since then, the Sponsor proposes that the additional shares issued to him under the Scheme should be based on a higher share value of Rs6.25 per share.

This mechanism would effectively reduce his overall stake in the bank to approximately 75.8%.

"This would be beneficial in the overall interest of the Bank and its other shareholders," wrote His Excellency Nasser Abdulla Hussain Lootah in his letter to the Board.

The Board of Directors of BML has received the proposal and will now evaluate the legal, accounting, and regulatory considerations required to give effect to the adjustment.

He acknowledged in his letter that the proposal is subject to these considerations.

BML has stated it will inform the Pakistan Stock Exchange and its TRE certificate holders accordingly following the evaluation.

The proposal was formally submitted to the Board on November 19, 2025, the same date the material information was disclosed to the Pakistan Stock Exchange Limited (PSX).

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