Karachi, July 3, 2025 – In a significant step towards enhancing transparency and reaffirming investor confidence, Bank Makramah Limited (BML) on Thursday disclosed vital corporate developments to the Pakistan Stock Exchange (PSX), outlining major financial transactions and strategic initiatives.
In its latest corporate filing, BML informed the PSX that the Board of Directors has formally authorized the President and CEO to execute a pivotal agreement with Nasser Abdulla Hussain Lootah, the bank’s principal sponsor. Under the terms of this corporate agreement, the Sponsor has deposited PKR 5 billion into the bank, which will be maintained in a Foreign Currency Account as Advance Against Share Subscription. The transaction is pending final regulatory approvals required for the issuance of shares through a mode other than a right issue.
This recent deposit adds to the earlier injection of PKR 10 billion made by the Sponsor in 2023, and is in line with a binding commitment detailed in the Investment Agreement signed on October 30, 2024. The renewed capital support by the Sponsor further strengthens BML’s capital base and reflects the Sponsor’s long-term commitment to BML’s corporate vision.
In another strategic move, BML’s Board approved a confirmed corporate offer amounting to PKR 12 billion for the sale of its premium real estate asset — Cullinan Tower (also known as Summit Tower), located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. The bid was submitted by M/s Sumya Builders & Developers. BML’s management has been given the green light to proceed with executing a formal Sale Purchase Agreement, contingent on terms and conditions approved by the Board.
These two major announcements mark an important milestone in BML’s corporate strategy, highlighting the bank’s efforts to optimize its asset portfolio and strengthen its financial foundation. Industry analysts view these developments as a reflection of BML’s forward-looking corporate governance and commitment to maintaining a robust financial position.
With these strategic decisions, Bank Makramah Limited continues to position itself as a dynamic force in Pakistan’s corporate and financial landscape, demonstrating resilience, transparency, and growth-oriented ambition.