BML shareholders approve restructuring scheme with majority votes

December 27, 2024 (MLN): The shareholders of Bank Makramah Limited (BML) have approved the Scheme of Arrangement for the bank's restructuring at the Extraordinary General Meeting.

The scheme, filed before the Islamabad High Court, received an extraordinary 99.99% of votes in favor, as per the press release issued today.

This pivotal initiative aims to align BML with the State Bank of Pakistan's regulatory capital requirements while enhancing its financial position.

The implementation of the restructuring scheme is projected to strengthen BML’s net assets by approximately Rs29.39 billion.

This initiative reinforces the institution’s foundation, positioning it as a resilient financial entity capable of effectively serving its stakeholders.

The Restructuring Scheme comprises four key stages:

(i) The amalgamation of GHDL's undertaking into BML

(ii) The issuance and allotment of fully paid ordinary shares of BML to GHDL shareholders

(iii) The settlement of the TFC Redemption Amount through the issuance and allotment of fully paid ordinary shares of BML to TFC Holders

(iv) The reduction of BML’s share capital by canceling the Share Capital Unrepresented by Available Assets. 

This restructuring initiative signifies a significant milestone in BML’s journey toward financial stability and growth.

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