KARACHI: Bank Makramah Limited has assured investors that its ongoing restructuring plan, including a reduction in share capital and book closure, will not dilute the value of existing shareholders’ holdings.
In a statement issued on Monday, the bank said the post-restructuring share price has been calculated in accordance with corporate governance best practices to fully protect shareholder value while preserving overall market capitalisation.
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Share Price Adjustment Explained
Bank Makramah clarified that the opening price of its share on February 2, 2026, will be adjusted by multiplying the closing price of January 30, 2026, by a factor of 18.99003516.
The adjustment reflects a technical consolidation of shares following the reduction in the total number of shares outstanding and does not result in any loss or dilution of value for existing shareholders, the bank said.
GHDL Merger Will Not Change Ownership or Control
Addressing investor concerns, the bank said the proposed merger of Global Haly Development Limited (GHDL) into Bank Makramah will not lead to any change in ultimate ownership, control, or management.
The bank’s sponsor, His Excellency Nasser Abdulla Hussain Lootah, owns 99.86 percent of GHDL, and the merger represents an internal realignment within the same ownership group. The sponsor remains committed to the bank’s long-term growth strategy, the statement added.
Bank Posts Profits, Strengthens Capital Base
Bank Makramah highlighted that it is operating from a position of financial strength, having posted net profits during the first nine months of the current financial year.
Profitability has been supported by a broader capitalization plan that includes:
- Recovery of non-performing loans
- Sale of non-banking assets
- Merger of GHDL
- Continued sponsor support
This support includes a Rs5 billion advance against equity injection, in addition to a Rs10 billion equity injection made in April 2023.
Earnings and Dividends Outlook Improves
The bank said these measures are expected to turn earnings per share significantly positive, paving the way for the eventual resumption of dividend payouts.
It also disclosed that the sponsor has proposed revising transaction terms under the approved restructuring scheme. While the original swap ratio was based on a share value of Rs2.14, the revised proposal effectively values shares at Rs6.25.
Sponsor Shareholding to Decline
The revised mechanism is aimed at benefiting all shareholders and is expected to reduce the sponsor’s stake from around 86 percent to 76 percent, as previously disclosed to the Pakistan Stock Exchange (PSX) in November 2025.
The sponsor’s total investment in the bank has now reached Rs41 billion, with the board and management stating that the restructuring process is nearing completion to enhance long-term shareholder value.
