Bank Makramah Limited (BML) has announced that the Islamabad High Court has approved its restructuring scheme, enabling the bank to meet the State Bank of Pakistan’s minimum capital requirement.
In a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday, the bank said the court had “graciously passed an order granting its sanction for the Scheme,” which was filed under Sections 279 to 283 and 285(8) of the Companies Act, 2017.
The restructuring plan was submitted jointly by BML and Global Haly Development Limited (GHDL).
According to the disclosure, the court’s approval sets several measures into motion. The bank stated that the sanction will lead to the issuance and allotment of fully paid ordinary shares of BML to the GHDL shareholders, along with a reduction in share capital through cancellation of the Share Capital Unrepresented by Available Assets.
BML also confirmed that following implementation of the scheme, its issued and paid-up capital “shall be (and shall be deemed to have been) Rs10 billion divided into one billion ordinary shares of Rs10 each as of the effective date.
The bank added that book closure dates required to give effect to the scheme will be announced after consultation with the exchange. The court order has been made available through the Islamabad High Court’s website.
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