Bank Makramah submits share capital reorganisation scheme to IHC

Bank Makramah Limited filed on Friday a Scheme of Arrangement for the reorganisation of its share capital before the Islamabad High Court (IHC).

The bank shared the information in a notice to the Pakistan Stock Exchange (PSX) today.

It said that the scheme, as proposed by the sponsor, and “subject to the sanction of the IHC, approval of the shareholders of the bank, and all applicable regulatory approvals, is intended to benefit the minority shareholders of the bank”.

“Under the revised mechanism, a specified portion of the sponsor’s existing shareholding shall be cancelled, and an equivalent number of new shares shall be issued by the bank to the remaining shareholders, free of any cost to them,” the notice read.

On January 27, the banks had approved the proposed adjustment to the sponsor’s shares and the draft Scheme of Arrangement.

Meanwhile, in its notice today, the bank said that the sponsor currently holds 861,163,882 shares of the bank, representing 86.12% of the total issued share capital.

“Pursuant to the scheme, his shareholding shall be reduced by 10.32% and will stand at 75.8% upon effectiveness of the scheme.”

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It noted that only those shareholders whose names appear on the register of members of the bank as on the book closure date, to be determined after sanction of the scheme by the IHС, shall be eligible to receive the newly issued shares, the notice added.