Bank Makramah Limited sells Cullinan Tower in Karachi
The BML issued a notice to the Pakistan Stock Exchange today in this regard.
'We hereby convey that subsequent to the approval of the Bank Makramah Limited's Board of Directors, in their previous meeting held on July 3, 2025, for the sale of Cullinan Tower (formerly Summit Tower) situated at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi, the Sale Purchase Agreement (SPA) has been executed today and down payment received thereagainst,' the notice read.
Recently, the BML had also announced significant capital injections alongside a major strategic asset sale.
On July 5, BML's Board of Directors approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs 12 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
7 hours ago
- Express Tribune
Centre revives Rs20b uplift projects in Karachi, Hyderabad
The federal government has decided to restart stalled development projects in Karachi and Hyderabad using federal funds, with a firm commitment to transparency and merit-based tendering. The move aims to eliminate interference from corrupt networks and parallel administrative systems that have historically undermined infrastructure development. The Pakistan Infrastructure Development Company Limited (PIDCL) has announced the revival of 193 development schemes, previously cancelled due to irregularities and lack of competition. These projects, worth billions of rupees, were originally approved for constituencies represented by MNAs of the Muttahida Qaumi Movement-Pakistan (MQM-P). PIDCL has finalised two major funding packages - Rs15 billion for Karachi and Rs five billion for Hyderabad — under which infrastructure development will be carried out in line with strict merit-based procedures. According to the new guidelines, tenders will be awarded without the customary commission cuts, kickbacks, or political interference. "Contracts will no longer be sold, and all payments will be made transparently. Projects will be completed on time and according to the approved standards," said PIDCL General Manager Shafi Chachar. He added that contractors who quote rates more than 10% below the lowest bidder may be required to complete the work at their own expense to prevent manipulation through unsustainable bidding. All awarded contracts must be backed by valid bank guarantees, and no project will proceed without meeting these financial safeguards. To further strengthen transparency, PIDCL will implement an e-procurement system, which is expected to reduce favouritism and ensure that tenders are awarded purely on merit. Independent consultants will be appointed to monitor project execution and adherence to quality standards. Out of 410 development schemes initially proposed by MQM-P MNAs, 193 were previously cancelled due to the presence of single bidders or unhealthy competition. PIDCL plans to reissue tenders for these schemes in the coming days. In response to concerns over billing fraud, Chachar said PIDCL will coordinate with relevant departments at the initiation and completion stages of each project. Signboards displaying project details will also be installed at construction sites to ensure public visibility and accountability. "The federal government has released the required funds, and development work has already begun under the supervision of PIDCL. Citizens of Karachi and Hyderabad will start seeing tangible improvements once the schemes are completed," he added. The move to conduct "system-free" development - without political brokerage or corrupt intermediaries - marks a crucial shift in the approach toward urban infrastructure in Sindh's two largest cities. PIDCL officials expressed hope that the initiative would restore public confidence in development programmes and bring long-overdue relief to residents.
Business Recorder
8 hours ago
- Business Recorder
Costly interest rates for TCP loans irk MoF
ISLAMABAD: Raising red flags over the high interest rates on loans secured by the Trading Corporation of Pakistan (TCP) from commercial banks, the Finance Ministry has called for a special audit to determine the rates agreed by TCP and whether more competitive terms were available at the time, sources told Business Recorder. According to TCP, of the total liability of Rs. 156.9 billion, Rs. 126 billion relates to urea procurement, while the remainder pertains to wheat. While progress has been made in reconciling the principal amounts, disputes persist over markup calculations and interest accruals. During a meeting of a National Assembly panel, officials from the Finance Division informed the committee that a total of Rs. 24 billion is required from the Utility Stores Corporation (USC) to settle dues with TCP. USC has committed to paying Rs. 6 billion, while the remaining Rs. 18 billion is to be covered by the government as a subsidy. Here is how much key interest rate has moved in last 12 months Of the total, Rs. 5 billion is available in the current fiscal year, while Rs. 15 billion has been proposed in the budget for FY 2025-26. This arrangement would allow for the complete Rs. 24 billion payment by USC, against a total principal liability of Rs. 93 billion. The Finance Division further stated that National Fertilizer Marketing Limited (NFML) owes Rs. 53 billion to TCP, to be settled on a 50:50 cost-sharing basis between the federal and provincial governments. Of the federal share of Rs. 26 billion, Rs. 10 billion is available for disbursement in the current fiscal year. However, the Ministry of Commerce has yet to move the necessary summary, and the Finance Division confirmed that no such summary has been submitted. An additional Rs. 15 billion has been proposed in the 'next fiscal budget. Finance officials emphasized that reconciliation among all relevant stakeholders is necessary before any payments or adjustments can be made. The Division clarified it could only proceed after the federal adjuster reconciled data is received, urging federal and provincial departments to expedite the process. TCP noted that prior to 2018, the reconciliation process was not institutionalized. Since then, however, all agreements with NFML have been documented. The Ministry of Industries and NFML, in coordination with provincial governments, are responsible for distributing urea procured by the federal government. TCP is tasked with procurement, including both principal and markup, while distribution responsibility lies with the provinces. The Ministry of Industries is required to obtain budgetary allocations from the Finance Division to settle the liabilities. Delays in these processes have contributed to accumulating interest. TCP stated that the agreed principal liabilities stand at Rs. 24 billion for USC and Rs. 53 billion for NFML. An additional Rs. 2.9 billion in markup has been agreed with USC, bringing its total payable to Rs. 26.8 billion. The National Assembly panel expressed concern over the uncapped accumulation of interest, pointing out that the Economic Coordination Committee (ECC) had made no specific provision for markup payments. TCP, however, argued that ECC-approved summaries covered both cash and credit arrangements, processed through the State Bank with full awareness that interest would apply. TCP clarified that markup arose due to staggered disbursements rather than any mismanagement. The Committee directed TCP to submit a breakdown distinguishing between delays in subsidy disbursement and contractual execution flaws. TCP explained that its commercial agreements with banks did not allow for renegotiation of interest rates, and therefore, markup liabilities could not be capped. The Finance Division acknowledged the constraints posed by the current Extended Fund Facility (EFF) with the International Monetary Fund (IMF), but confirmed that Rs. 15 billion each from USC and NFML—totalling Rs. 30 billion—had been proposed for FY 2025–26 andRs. 15 billion has already been released to TCP. Sources said TCP tried to challenge the Finance Division's demand for a special audit, but the National Assembly panel rejected the plea, advising TCP to address the matter directly with the Finance Ministry. Copyright Business Recorder, 2025
Business Recorder
9 hours ago
- Business Recorder
Tax exemption scandal hits excise dept
LAHORE: A damning audit report has revealed widespread irregularities in the tax exemption process for 5-marla houses, with serious discrepancies and favouritism allegedly practiced by the excise department. According to the 2022-23 audit report, a staggering Rs 136.5 million in tax exemptions were granted under dubious circumstances, with many ineligible individuals exploiting the 5-marla house exemption clause to evade property taxes. The audit report highlights glaring lapses, including cases where houses exceeded the 5-marla limit, while others lacked necessary documentation to qualify for exemptions. The report slams the department for granting exemptions without proper field verification and scrutiny, suggesting collusion and negligence among officials that resulted in massive losses to the treasury. The authorities have been directed to ensure immediate recovery of the exempted amount and take action against those responsible. The audit report, tabled in the Punjab Assembly, recommends ensuring transparency in the tax exemption process to prevent such scandals in the future. Copyright Business Recorder, 2025
