Karachi November 28 2024: The Board of Directors of Bank Makramah Limited, in their meeting on November 28, 2024, approved a Scheme of Arrangement for the Bank’s restructuring, with an estimated net impact of PKR 29.39 billion.
The implementation of this arrangement is contingent upon: (i) obtaining all necessary regulatory, corporate, and shareholder approvals; and (ii) the sanctioning of the Restructuring Scheme by the Honorable High Court of Islamabad.
Key aspects of the Restructuring Scheme include:
• The amalgamation of Global Haly Development Limited (GHDL) into the Bank.
• Issuance and allotment of fully paid ordinary shares of the Bank to GHDL’s shareholders.
• Settlement of the TFC Redemption Amount (as defined in the scheme) through the issuance and allotment of fully paid ordinary shares of the Bank to TFC holders.
• Reduction of the Bank’s share capital by canceling the portion not represented by available assets.
The overall effect of these measures is an increase in the Bank’s net assets by approximately PKR 29.39 billion.
