BML Board authorizes CEO to execute deposit deal
MG News | July 03, 2025 at 03:54 PM GMT+05:00
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.
In addition to the above developments, Bank Makramah Limited is moving forward with the proposed merger of Global Haly Development Limited — a company owned by the Sponsor — into BML.
This step is part of a broader recapitalization effort, under which the Sponsor’s total committed support is expected to reach Rs41bn.
The Bank also disclosed that it is in the final stages of recovering over Rs13bn in legacy non-performing loans, a move expected to meaningfully enhance its profitability and capital base.
Taken together including the Sponsor’s deposits, the strategic property sale, the planned merger, and expected recoveries BML projects a potential increase of approximately Rs50bn in its net assets.
These combined initiatives underscore the Sponsor’s unwavering commitment to the long-term growth and financial stability of Bank Makramah Limited, and reinforce the Bank’s strengthened role in Pakistan’s banking landscape.
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