BML accelerates recapitalization with major capital injections
According to BML announcement, it is making significant strides in its recapitalization efforts, reinforcing its commitment to long-term financial stability and growth.
This progress is supported by a recent Rs 5 billion deposit from Nasser Abdulla Hussain Lootah, BML's esteemed Sponsor. This amount, to be recorded as an advance against share subscription pending regulatory approvals, follows his earlier Rs 10 billion capital injection in 2023.
In addition, the proposed merger of Global Haly Development Limited, a company owned by the Sponsor, into BML reflects his substantial commitment, which will total Rs 41 billion. The Bank extends its deepest gratitude to the Sponsor for his unwavering support and vision for BML and Pakistan's banking sector.
In a concurrent strategic move, BML's Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs 12 billion. This landmark transaction represents a major step, which will result in significant liquidity and capital gains for the Bank.
Further bolstering its financial position, the Bank is in the final stage of recovering over PKR 13 billion of its legacy non-performing loans in the near future resulting in a strong impact on its profitability and capital base.
All of the above initiatives are projected to increase BML's net assets by around Rs 50 billion. This shall further strengthen the Bank's commitment to better serve its customers and play a significant role in the financial sector of Pakistan. It may be mentioned that Bank Makramah is a leading financial institution in Pakistan, known for its commitment to providing exceptional banking services to its customers. With a focus on innovation and customer-centric solutions, Bank Makramah continues to set new benchmarks in the industry, ensuring that their customers enjoy secure, reliable, and personalized banking experiences.
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
10 hours ago
- Express Tribune
PSX continues rally, hits new high above 131,000 points
The Pakistan Stock Exchange (PSX) continued its bullish trend on Friday, with the benchmark KSE-100 index gaining 489.75 points, current index at 131,176.40 — an increase of 0.37% during intra-day trading. The index reached an intraday high of 131,411.40 and a low of 130,716.10 during the trading session. Trading volume stood at 73.6 million shares, with a total value of over Rs 7.7 billion, reflecting sustained buying activity across various sectors. Friday's session followed a similar bullish trend seen the previous day, when the index closed at 130,686.65. Earlier on Thursday, KSE-100 index extended its upward trajectory to close at a new all-time high with addition of 342.63 points. Read: Stocks continue bull-run, reach fresh peak The rally was led by index-heavy sectors, particularly oil and gas, banking and power. However, overall trading remained mixed. Among major triggers, Pakistan's foreign exchange reserves jumped $5.1b to $14.5b by the end of FY25. "Stocks closed higher at a new all-time high after the government slashed NSS (National Savings Scheme) rates, which will push investors towards equities, and the State Bank's forex reserves hit $14.5b," said Arif Habib Corp MD Ahsan Mehanti. Arif Habib Limited (AHL) reported that the KSE-100 index experienced two-way volatility around the 130,000 level but it managed to hold the key level at close. Some 53 shares advanced while 46 declined. Major contributors to the index gains were Oil and Gas Development Company (+2.77%), UBL (+1.32%) and Hub Power (+2.26%). On the flip side, the biggest laggards were Bank AL Habib (-4.14%), MCB Bank (-2.46%) and Meezan Bank (-1.6%), it said. WorldCall Telecom was the volume leader with trading in 49.5m shares, falling Rs0.02 to close at Rs1.59. It was followed by Image Pakistan with 36.7m shares, rising Rs2.87 to close at Rs32.47 and The Bank of Punjab with 35.1m shares, losing Rs0.02 to close at Rs11.52. Foreign investors sold shares worth Rs909m, the National Clearing Company reported.
Express Tribune
15 hours ago
- Express Tribune
Digital transactions to ensure transparent economy: PM
Listen to article Prime Minister Shehbaz Sharif on Thursday stressed implementing the digital transaction system across the country, saying it was vital to bring transparency to the economy. He was chairing a weekly meeting on cashless and digital economy at the Prime Minister's House. On the occasion, the prime minister emphasized the need to facilitate payments between citizens and businesses and to raise awareness about the use of digital systems. He instructed the committees formed for the cashless economy to work closely with all stakeholders to present doable recommendations. During the meeting, the prime minister was briefed that following the previous meeting, the Digital Payments Innovation and Adoption Committee, the Digital Public Infrastructure Committee, and the Government Payments Committee had been established. A detailed briefing was given in the meeting with respect to the committee's proposals and strategies regarding the digitization of the economy. It was informed that the State Bank of Pakistan was developing a strategy to simplify and ease digital payment methods for merchants. A simplified package will be introduced to encourage and include small businesses in digital payments. The target is to increase the number of mobile app users for digital payments from 95 million to 120 million, and the number of merchants using QR codes will be increased from 0.9 million to 2 million. The total volume of digital payments is aimed to increase from Rs 7.5 billion to Rs 12 billion. The prime minister directed that all these targets should be doubled. The meeting was further informed that the "Digital National Pakistan" project for the digital economy had been initiated. The Islamabad City mobile application has so far recorded 1.3 million downloads, offering 15 services. Through the Islamabad City App, Rs 15.5 billion has been collected under ICT Excise and Taxation, the meeting was informed. Work is progressing rapidly on the completion of the Digital Pakistan ID project, while E-stamping facilities will also be launched in Islamabad soon. The meeting was further informed that efforts were underway to provide Wi-Fi internet services across Islamabad, particularly in hospitals, educational institutions, government offices, parks, and metro bus lines. The prime minister instructed that all these facilities should also be introduced in all federal areas, Azad Jammu & Kashmir, and Gilgit-Baltistan. The meeting was attended by Minister for Information Technology and Telecom Shaza Fatima, Minister for Petroleum Ali Pervaiz Malik, Prime Minister's Advisor Dr. Tauqir Shah, Minister of State for Finance and Railways Bilal Azhar Kayani, and other senior government officials. Polio case Prime Minister Shehbaz Sharif, stressing accelerated efforts to eradicate polio from the country, on Thursday expressed the resolve that despite all challenges and difficulties, the government, with the support of international, provincial, and local teams, will soon achieve the goal of a polio-free Pakistan. "We are committed to protect every child in Pakistan from this crippling disease and achieve a polio-free Pakistan," the prime minister said while chairing a meeting of the Anti-Polio Task Force here. He stressed the need for full dedication and seriousness to ensure that every child across the country receives multiple doses of the polio vaccine and remains protected. The prime minister acknowledged significant progress in the fight against polio due to the dedication of frontline workers, the commitment of the government of Pakistan, and support from the partners. He praised the efforts and cooperation of provincial governments, Gilgit-Baltistan, Azad Jammu & Kashmir, and law enforcement agencies in the anti-polio campaign. "The safety of polio workers is our top priority," he said adding that all stakeholders, including provincial governments, must unite and intensify their efforts to eradicate polio. The prime minister expressed gratitude to all partners supporting the government in its polio eradication efforts. He extended special thanks to Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, for his comprehensive support of Pakistan's polio eradication efforts. The prime minister also appreciated the vital and commendable role of the Gates Foundation and all partners in the anti-polio campaign in Pakistan. During the briefing, it was informed in the meeting that specific polio campaigns were being designed for each district in Southern Khyber Pakhtunkhwa, based on the unique challenges faced in each area, to ensure complete eradication of the polio virus. The anti-polio campaign in Pakistan is not only targeting polio cases among children but also working to eliminate the virus's environmental presence. The meeting was attended by the chair of the Anti-Polio Oversight Board, Dr. Christopher Elias, who is also the President of the Global Development Program at the Bill & Melinda Gates Foundation. Besides members of the Board Dr. Hanan Balkhy — Regional Director, World Health Organization (WHO), Sanjay Wijesekera — Regional Director, UNICEF, Dr. Ziad Memish — Representative of KS Relief, Saudi Arabia, Mike McGovern — Rotary International and Aziz Memon, Trustee, Rotary International also attended the meeting. Minister for National Health Services Syed Mustafa Kamal, Minister of State for National Health Dr. Mukhtar Ahmed Bharath, PM's Focal Person on Polio Eradication Ayesha Raza Farooq, Chief Secretaries from all four provinces, Gilgit-Baltistan, and Azad Jammu & Kashmir, Chief Commissioner of Islamabad Capital Territory, National Coordinator for Polio Eradication and other senior government officials were also present in the meeting.
Business Recorder
16 hours ago
- Business Recorder
CBD introduces smart pedestrian crossing system
LAHORE: Central Business District (CBD Punjab) has introduced a cutting-edge smart pedestrian crossing system on CBD Route 47, reaffirming its commitment to modernise Lahore's urban infrastructure and prioritise public safety through walkable urbanism. Two smart pedestrian crossings have been strategically installed on the route, featuring international-standard technology selected after extensive research by the CBD Punjab technical team. Each crossing is equipped with automated pedestrian signals, a user-friendly push-button mechanism, and brick-embedded lights to ensure optimal visibility and safety, especially during low-light hours. In addition, each smart pedestrian crossing is equipped with digital screen panels that display awareness messages, Islamic quotes, sayings of Quaid-e-Azam Muhammad Ali Jinnah and important traffic safety guidelines for both pedestrians and motorists. These screens also provide real-time updates on temperature and time, adding a modern and informative feature to the system. The embedded lights are engineered for long-term durability, being fully waterproof and capable of withstanding up to 50 tons of weight. This integration of strength and innovation ensures that the crossings remain functional and safe in all conditions. Functionally, the system allows pedestrians to activate a red signal for vehicles by pressing a button, offering a 30-second window to cross safely. A 60-second interval between activations is programmed to maintain smooth vehicular flow on the busy corridor. In addition to the crossings, CBD Punjab has also implemented speed rudders, digital speed meters and visible speed limit signage to regulate traffic and enhance overall road discipline. Speaking on the development, Imran Amin, CEO of CBD Punjab, said, 'CBD Punjab continues to lead by example in integrating smart mobility solutions within its developments, contributing to a safer and more sustainable urban environment.' Copyright Business Recorder, 2025
