Islamabad, Dec 27: The shareholders of Bank Makramah Limited (BML) have overwhelmingly approved the bank’s Scheme of Arrangement for its restructuring during an Extraordinary General Meeting held on December 26, 2024. The scheme, which was submitted to the Islamabad High Court, garnered an impressive 99.99% approval from shareholders.
This major restructuring initiative, governed by Sections 279 to 283 and 285(8) of the Companies Act, 2017, is aimed at aligning BML with the regulatory capital requirements of the State Bank of Pakistan while strengthening its overall financial position. Upon implementation, the restructuring is expected to enhance BML’s net assets by approximately Rs. 29.39 billion, further solidifying the bank’s financial foundation and improving its capacity to serve its stakeholders effectively.
The Scheme of Arrangement consists of four key stages: (i) the amalgamation of GHDL’s undertaking into BML, (ii) the issuance and allotment of fully paid ordinary shares of BML to GHDL shareholders, (iii) the settlement of the TFC Redemption Amount through the issuance and allotment of fully paid ordinary shares of BML to TFC holders, and (iv) the reduction of BML’s share capital by canceling the share capital that is unrepresented by available assets.
This restructuring initiative marks a pivotal step in BML’s ongoing efforts to achieve greater financial stability and growth, positioning it as a more resilient financial institution in Pakistan’s competitive banking sector.
