BML to amalgamate with Global Haly Development, board approves

MG News | November 28, 2024 at 02:53 PM GMT+05:00

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November 28, 2024 (MLN): The Board of Directors of Bank Makramah Limited (PSX: BML) has approved the Scheme of Arrangement for the restructuring of the Bank.

The approval is subject to the procurement of all applicable regulatory, corporate, and shareholders' approvals, as well as the sanctioning of the Restructuring Scheme by the Honorable High Court of Islamabad.

According to the terms of the restructuring scheme, Global Haly Development Limited (GHDL) will be amalgamated into the Bank.

As part of the process, fully paid ordinary shares of the Bank will be issued and allotted to the shareholders of GHDL.

The TFC Redemption Amount (as defined in the Restructuring Scheme) will be settled and paid through the issuance and allotment of fully paid ordinary shares of the Bank to TFC holders.

Additionally, the Bank's share capital will be reduced through the cancellation of share capital that is unrepresented by available assets.

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