Settlement plea with Omni Group okayed by court: BML

KARACHI: Bank Makramah Limited (BML) announced on Thursday that the court has approved the settlement application made by BML and Omni Group for approximately Rs10 billion. This amount is related to the loans owed by various companies within the Omni Group and its affiliated entities.

“The court has graciously issued a decree in favour of Bank Makramah Limited, affirming its right to recover approximately Rs10 billion, which will now be recoverable under the agreed-upon terms of the settlement,” the bank said in a statement.

“This initiative is a critical step in aligning BML with the regulatory capital requirements of the State Bank of Pakistan (SBP) and enhancing its financial position,” it said.

“The successful merger is expected to increase BML’s net assets by approximately Rs27 billion, which, along with the settlement of approximately Rs10 billion would result in BML becoming a stronger and more resilient financial institution, prepared to serve its stakeholders effectively,” it added.

According to BML, these significant achievements mark two major steps towards strengthening the bank’s financial position and reinforcing its commitment to prudent risk management and sustainable growth, further solidifying its standing in the financial sector.

Moreover, BML has filed a scheme of arrangement for its restructuring before the Islamabad High Court for the merger between BML and Global Haly Development Limited (GHDL).