Karachi: Bank Makramah Limited has announced a significant financial development involving a PKR 5 billion deposit by His Excellency Nasser Abdulla Hussain Lootah. The bank's Board of Directors has authorized the President and CEO to execute the agreement with the Sponsor, detailing the terms of this deposit. This amount is to be recorded in the bank's foreign currency account as an advance against share subscription, pending necessary regulatory approvals for share issuance outside the right issue framework.

The PKR 5 billion deposit is an extension of the PKR 10 billion previously injected by the Sponsor earlier in 2023. This financial move aligns with the ongoing commitments outlined in an investment agreement dated October 30, 2024. The bank's strategic financial maneuvers are intended to bolster its capital structure and facilitate future growth initiatives.

In a parallel development, the board has approved a confirmed offer of PKR 12 billion for the sale of Cullinan Tower, also known as Summit Tower, located in Karachi. The offer comes from M/s Sumya Builders & Developers, with the board authorizing management to proceed with the Sale Purchase Agreement, contingent upon the terms and conditions sanctioned by the board.

According to information available from the Pakistan Stock Exchange (PSX), these developments are set against the backdrop of the bank's continuous efforts to strengthen its financial position and expand its market footprint. The capital infusion and asset sale represent a very large or significant move in the bank's strategic roadmap, underscoring its commitment to enhancing shareholder value and operational efficiency.

The bank's disclosure of these material developments complies with Sections 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Rule Book, ensuring transparency and timely communication with its stakeholders and the market.