Sponsor to Inject Rs. 10 Billion Into Bank Makramah
Bank Makramah Limited (PSX: BML) has approved a proposal for its sponsor Nasser Abdulla Hussain Lootah to inject a further … Read More The post Sponsor to Inject Rs. 10 Billion Into Bank Makramah appeared first on ProPakistani .
Bank Makramah Limited has approved a proposal for its sponsor, Nasser Abdulla Hussain Lootah, to inject an additional Rs. 10 billion into the bank, as reported by the Pakistan Stock Exchange on August 18 following a Board of Directors meeting. The investment aims to bolster the bank's capital base. Upon approval, the sponsor will deposit the Rs.
10 billion, initially recorded as an advance against share subscription in the bank's books. The requisite regulatory and corporate clearances must be secured before the advance is converted into share capital. Bank Makramah's President and Chief Executive Officer have been granted authority to finalize the agreement with the sponsor, outlining the terms and conditions of the proposed deposit.
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