Bank Makramah Limited’s largest shareholder, Nasser Abdulla Hussain Lootah, has proposed reducing his stake in the bank following a court-approved restructuring. The disclosure was filed with the Pakistan Stock Exchange.
Lootah currently holds 86.1% of Bank Makramah’s shares after the merger of Global Haly Development Limited into the bank. He has requested the board to adjust the number of shares issued to him under the restructuring plan.
The original share swap ratio was set over a year ago at Rs. 2.14 per share. Since then, Bank Makramah’s stock price has risen to Rs. 6.25. Lootah’s proposed adjustment would reduce his holding to about 75.8%, aligning his stake 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 updates or changes will be communicated to the Pakistan Stock Exchange, the bank stated.
This proposal comes after the Islamabad High Court approved Bank Makramah’s restructuring plan, which included a capital reduction and ensured the bank met Pakistan’s minimum capital requirements. The restructuring is aimed at strengthening the bank’s financial position and improving governance.
Analysts say the shareholder’s move reflects a commitment to balance ownership and maintain transparency. Adjusting holdings in line with market value can help protect the interests of other investors and improve overall confidence in Bank Makramah’s governance.
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Bank Makramah’s board will review the proposal carefully before taking any final decision. The adjustment, if approved, is expected to support a fair distribution of shares while sustaining the bank’s growth and compliance objectives.
