Bank Makramah Limited has completed the sale of its remaining stake in Cullinan Tower, formerly known as Summit Tower, in Karachi for a total consideration of Rs. 12 billion.
The development was disclosed by the bank through material information submitted to the Pakistan Stock Exchange (PSX) on September 2, 2026.
According to the disclosure, the transaction involved the remaining sale consideration associated with the Cullinan Tower property located at Plot No. G 2, Block 2, Scheme 5, Clifton, Karachi.
Bank Receives Full Sale Consideration
Bank Makramah confirmed that it has received the total sale consideration of Rs. 12 billion, marking the successful completion of the transaction.
The receipt of the proceeds represents the conclusion of the bank’s remaining interest in the property and provides the institution with a significant amount of funds from the asset sale.
The transaction is part of the bank’s broader efforts to strengthen its financial position through the realization of value from its assets.
Cullinan Tower Formerly Known as Summit Tower
The property involved in the transaction is Cullinan Tower, which was previously known as Summit Tower.
Located in Clifton, Karachi, the property is situated at Plot No. G 2, Block 2, Scheme 5. The transaction relates specifically to the remaining sale consideration associated with the property.
Bank Makramah had previously disclosed information regarding the sale of the property in an earlier announcement dated August 1, 2025.
The latest disclosure confirms that the outstanding sale consideration has now been received and that the transaction has been concluded.
Disclosure Made to Pakistan Stock Exchange
The bank reported the completion of the transaction through a material information disclosure submitted to the Pakistan Stock Exchange.
The disclosure was made under Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book.
Such disclosures are intended to provide investors and the market with information about developments that may be relevant to a listed company’s financial position or operations.
By confirming the receipt of the Rs. 12 billion sale proceeds, Bank Makramah has formally communicated the completion of the property transaction to the stock market.
Rs. 12 Billion Proceeds Strengthen Financial Position
The completion of the sale provides Bank Makramah with Rs. 12 billion in proceeds from the property transaction.
The bank said the transaction had been successfully concluded after receiving the full sale consideration.
The proceeds are significant for the institution as it continues efforts aimed at strengthening its financial position.
Asset sales can provide financial institutions with additional liquidity and allow them to realize value from properties and other investments. In this case, the completion of the Cullinan Tower transaction provides Bank Makramah with a substantial cash inflow following the conclusion of the sale.
Transaction Marks Completion of Earlier Sale Process
The latest announcement represents the completion of a sale process that had previously been disclosed by the bank.
Following its August 2025 disclosure concerning the property, the bank has now confirmed that the remaining consideration has been received.
With the full Rs. 12 billion consideration received, Bank Makramah has formally concluded the transaction involving its remaining stake in Cullinan Tower.
The development will now allow investors and market participants to assess the impact of the proceeds on the bank’s financial position and ongoing efforts to strengthen its balance sheet.
Also read: Bank Makramah Top Shareholder Proposes Stake Reduction After Restructuring
