Sponsor to Inject Rs. 10 Billion Into Bank Makramah

The advance will remain recorded as such until the required regulatory and corporate approvals are obtained for the issuance of shares to the sponsor. The shares are expected to be issued through a right problem or another approved mechanism.

The board has authorized the bank’s President and Chief Executive Officer to execute the agreement with the sponsor. It will set out the terms and conditions governing the proposed Rs. 10 billion deposit.

Bank Makramah said the transaction remains subject to the required regulatory and corporate approvals before the advance can be converted into share capital.