Nasser Abdulla Hussain Lootah commits additional Rs10bn in equity to BML
KARACHI: Bank Makramah Limited (BML) announced that its Board of Directors has approved a proposal for an additional Rs 10 billion equity investment by the Bank’s Sponsor, Nasser Abdulla Hussain Lootah. The investment, to be made as an advance against equity, remains subject to the requisite regulatory and corporate approvals. The further sponsor investment is being exclusively arranged by His…
Karachi: Bank Makramah Limited (BML) has revealed that its Board of Directors has approved an additional Rs 10 billion equity investment from its Sponsor, Nasser Abdulla Hussain Lootah. The funding, which will be made as an advance against equity, requires regulatory and corporate approvals. Lootah's new investment, arranged exclusively by His Excellency, showcases his strong belief in BML's potential for long-term growth.
With this new commitment, Lootah's total investment in the bank will amount to Rs 51 billion, indicating his unwavering dedication to the bank's transformation. The initial capital injection of Rs 10 billion in April 2023 facilitated the acquisition of a majority stake, followed by a further Rs 5 billion investment currently held as an advance against equity.
The significant merger with Global Haly Development Limited added Rs 26.467 billion to the bank's capital, along with the integration of the high-value Creekside Property. The proposed Rs 10 billion investment reaffirms Lootah's confidence in BML and strengthens its financial foundation to support continued growth and future potential.
This increased funding underlines the Sponsor's steadfast support for the bank's recapitalization, financial strengthening, and transformation efforts.
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