KARACHI, December 27, 2024: Bank Makramah Limited (BML) has achieved a significant milestone as its shareholders overwhelmingly approved the Scheme of Arrangement for the bank’s restructuring during an Extraordinary General Meeting on December 26, 2024. The scheme, which garnered a remarkable 99.99% of votes in favor, now awaits approval from the Islamabad High Court.
Implemented under Sections 279 to 283 and 285(8) of the Companies Act, 2017, the restructuring aims to enhance BML’s compliance with the State Bank of Pakistan’s regulatory capital requirements and strengthen its financial foundation. The plan is expected to boost BML’s net assets by approximately Rs. 29.39 billion, positioning it as a more robust and resilient financial institution.
The Restructuring Scheme involves four key steps:
- The amalgamation of GHDL’s undertaking into BML.
- Issuance and allotment of fully paid ordinary shares of BML to GHDL shareholders.
- Settlement of the TFC Redemption Amount by issuing fully paid ordinary shares of BML to TFC holders.
- Reduction of BML’s share capital by canceling shares unrepresented by available assets.
This transformative initiative underscores BML’s commitment to financial stability and growth, marking a pivotal step in its journey to better serve its stakeholders and meet regulatory benchmarks.
