Bank Makramah Limited (BML) has taken a significant step towards strengthening its financial position. The Board of Directors has approved a comprehensive restructuring scheme that will increase the Bank’s net assets by approximately PKR 29.39 billion.
This transformative move involves the amalgamation of Global Haly Development Limited (GHDL) into BML. As part of the restructuring, GHDL shareholders will receive fully paid ordinary shares in BML, and the Bank will redeem its outstanding Term Finance Certificates (TFCs). Additionally, BML will streamline its capital structure by canceling shares not backed by available assets.
Abdullah Nasser Abdulla Hussain Lootah, Chairman of the Board of Directors, expressed the sponsors’ unwavering commitment to BML’s future. He emphasized that this restructuring will position the Bank to enhance shareholder value and better serve its customers.
The restructuring scheme is subject to regulatory, corporate, and shareholder approvals, as well as the sanction of the Islamabad High Court. Once approved, this strategic move will solidify BML’s financial foundation and enable it to capitalize on future growth opportunities.
