04-07-2025
- Business
- Business Recorder
BML accelerates recapitalization with major capital injections
KARACHI: In a decisive move to strengthen its financial foundation and position itself for accelerated growth, Bank Makramah Limited (BML) has announced significant capital injections alongside a major strategic asset sale.
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
