BML Board authorizes CEO to execute deposit deal

By MG News | July 03, 2025 at 03:54 PM GMT+05:00

0:00

July 03, 2025 (MLN): Bank Makramah Limited (PSX: BML) has revealed that its Board of Directors endorsed an agreement with His Excellency Nasser Abdulla Hussain Lootah, under which the Sponsor has deposited Rs5 billion in the Bank, and authorized the President/CEO to execute it.

The amount will be recorded in the Bank’s FCY Account as Advance Against Share Subscription until regulatory approvals are obtained for the issuance of shares to the Sponsor by way of other than right issue.

This follows a previous injection of Rs10bn by the Sponsor in 2023, in line with the commitment made under the Investment Agreement dated October 30, 2024, the company's filing on PSX revealed today.

Additionally, the Board has approved a confirmed offer of Rs12bn from Sumya Builders & Developers for the sale of Cullinan Tower (Summit Tower), located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi.

The management has been authorized to proceed with the Sale Purchase Agreement, subject to the terms and conditions approved by the Board.

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