One of Pakistan’s largest commercial real estate transactions signals a strategic shift and capital strengthening, ranking as the second-largest by rupee value and the third-largest by dollar value.
Bank Makramah Limited (BML) has announced the sale of its iconic Cullinan Tower in Clifton, Karachi, for Rs 12 billion, marking a significant milestone in its financial strategy (brecorder.com). The decision follows a directive from BML’s Board of Directors as part of an aggressive recapitalization plan aimed at strengthening its balance sheet and supporting future growth initiatives.
The Rs 12 billion proceeds from the headquarters sale will add substantial liquidity and capital gains, fueling ongoing efforts to enhance BML’s net asset base by approximately Rs 50 billion in conjunction with other financial measures (brecorder.com). These measures include a fresh PKR 5 billion capital injection from sponsor Nasser Abdulla Hussain Lootah—adding to a prior Rs 10 billion infusion in 2023, as well as a pending merger with Global Haly Development Limited (brecorder.com).
Additionally, BML is close to recovering over Rs 13 billion in legacy non-performing loans, which will further support its profitability and recapitalization targets (brecorder.com).
As BML positions itself for sustainable growth and excellence, the strategic asset sale sends a strong confidence signal to shareholders and investors. The transaction underscores the bank’s commitment to financial resilience and positions it well for future growth and expansion.