KARACHI: In a significant development, Bank Makramah Limited has finalized the sale of Cullinan Tower, previously known as Summit Tower, located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. The execution of the Sale Purchase Agreement (SPA) was completed today, following the approval from the bank's Board of Directors during a meeting held on July 3, 2025. The transaction marks a notable shift in the bank's asset portfolio.

The execution of the SPA and receipt of down payment were confirmed in accordance with Sections 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Rule Book. The information has been conveyed to the TRE certificate holders of the Exchange for dissemination purposes.

According to information available from the Pakistan Stock Exchange (PSX), the details regarding the financial impact and future plans for the proceeds from the sale remain undisclosed at this time. The transaction underscores the bank's strategic decisions regarding its real estate assets, reflecting its adaptation to current market conditions.

The sale of Cullinan Tower represents a big move within the designated market category, aligning with the bank's broader financial strategy. The bank's decision to sell the property at this juncture highlights its focus on optimizing asset management and capital allocation.