Bank Makramah Limited’s majority shareholder, His Excellency Nasser Abdulla Hussain Lootah, has proposed a reduction in his stake in the bank following a court-sanctioned restructuring, according to a disclosure sent to the Pakistan Stock Exchange.
Lootah, who currently holds 86.1% of the bank’s shares after the merger of Global Haly Development Limited into Bank Makramah, has asked the board to adjust the number of shares issued to him under the scheme.
The original share swap ratio was set over a year ago at Rs. 2.14 per share, but the bank’s stock price has since climbed to Rs. 6.25.
Lootah’s proposal would see his holding drop to about 75.8%, aligning the share allocation with the current market value. He said the adjustment would be “beneficial in the overall interest of the Bank and its other shareholders.”
The board will now evaluate the legal, accounting, and regulatory implications of the proposal. Any changes will be communicated to the exchange, the bank said in its filing.
The move comes after the Islamabad High Court approved the bank’s restructuring plan, which included a capital reduction and brought Bank Makramah into compliance with Pakistan’s minimum capital requirements.
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