In a significant breakthrough for Bank Makramah Limited (BML), a court has accepted a settlement application for the recovery of approximately Rs10 billion in non-performing loans (NPLs) from the Omni Group and its affiliated entities.
The listed bank disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“We are pleased to inform that the court has accepted the settlement application filed by Bank Makramah Limited and OMNI group for the recovery of non-performing loans (NPLs) owed by various companies of the Omni Group and its affiliated entities.
“The court has graciously issued a decree in favour of the bank, affirming its right to recover approximately Rs10 billion, which will now be recoverable under the agreed terms of the settlement,” read the notice.
Last week, BML filed a settlement application before the relevant court, for the recovery of NPLs owed by various companies of the Omni Group and its affiliated entities.
“The settlement pertains to the amount of approximately Rs10 billion, which will now be recoverable under the agreed terms of the settlement,” the bank said at the time.
Last month, the shareholders of BML overwhelmingly approved the scheme of arrangement for the restructuring of the bank. The scheme, filed before the Islamabad High Court, received an extraordinary 99.99% of votes in favour.
The Restructuring Scheme comprises four key stages: (i) the amalgamation of GHDL’s undertaking into BML; (ii) the issuance and allotment of fully paid ordinary shares of BML to GHDL shareholders; (iii) the settlement of the TFC Redemption Amount through the issuance and allotment of fully paid ordinary shares of BML to TFC Holders; and (iv) the reduction of BML’s share capital by cancelling the Share Capital Unrepresented by Available Assets.
This restructuring initiative signifies a significant milestone in BML’s journey towards financial stability and growth.
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