The board of directors of Bank Makramah Limited (PSX: BML) has approved the Scheme of Arrangement for the restructuring of the Bank whereby Global Haly Development Limited (GHDL) will be amalgamated into the bank.
This arrangement will be subject to the procurement of all applicable regulatory, corporate, and shareholders’ approvals; and sanction of the Restructuring Scheme by the High Court of Islamabad under Sections 279 to 283 and 285(8) of the Companies Act, 2017.
GHDL shall stand amalgamated into the Bank; fully paid ordinary shares of the Bank shall be issued and allotted to shareholders of GHDL; TFC Redemption Amount (as defined in the Restructuring Scheme) shall be settled and paid through issuance and allotment of fully paid ordinary shares of the Bank to TFC holders; and share capital of the Bank shall be reduced through cancellation of the share capital unrepresented by available assets.
The net impact of the above is an increase in the net assets of the Bank by approximately Rs. 29.39 billion.
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