Bank Makramah Limited (PSX: BML) has completed the sale of its remaining stake in Cullinan Tower, formerly known as Summit Tower, in Karachi for a total consideration of Rs. 12 billion.
The bank confirmed that it has received the outstanding sale proceeds, formally concluding the property transaction.
The development was disclosed to the Pakistan Stock Exchange (PSX) on September 2, 2026, under applicable material-information requirements.
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Key Takeaways
- Bank: Bank Makramah Limited
- Ticker: PSX: BML
- Property: Cullinan Tower
- Former name: Summit Tower
- Location: Clifton, Karachi
- Total consideration: Rs. 12 billion
- Status: Sale completed
- Payment: Remaining consideration received
- PSX disclosure: September 2, 2026
- Earlier disclosure: August 2025
Bank Receives Remaining Sale Proceeds
Bank Makramah has confirmed receipt of the remaining consideration for the sale of its stake in Cullinan Tower.
With the outstanding amount received, the transaction has now been completed, bringing the bank’s involvement in the property sale to an end.
The total consideration for the transaction stands at Rs. 12 billion.
Cullinan Tower Located in Karachi’s Clifton Area
The property, previously known as Summit Tower, is located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi.
The landmark property formed part of Bank Makramah’s assets before the completion of the sale.
The transaction represents a significant property monetization by the bank.
Transaction Disclosed to PSX
Bank Makramah formally communicated the completion of the transaction to the Pakistan Stock Exchange on September 2.
The disclosure was made under the applicable requirements for reporting material information to the market.
The latest announcement follows the bank’s earlier disclosure concerning the proposed property transaction in August 2025.
What the Sale Means for Bank Makramah
The completion of the Rs. 12 billion transaction provides Bank Makramah with the remaining sale proceeds from the property.
For investors, significant asset sales can be relevant when assessing a bank’s capital position, liquidity, balance-sheet structure and broader financial strategy.
The ultimate impact on the bank’s financial statements will depend on factors including the property’s carrying value, transaction costs and accounting treatment.
Why This Matters
- Bank Makramah has completed the sale of its remaining stake in Cullinan Tower.
- The property was formerly known as Summit Tower.
- The transaction carries a total consideration of Rs. 12 billion.
- The bank has received the remaining sale proceeds.
- The tower is located in Clifton, Karachi.
- Bank Makramah disclosed the completion to PSX on September 2, 2026.
- The transaction follows an earlier disclosure made in August 2025.
Frequently Asked Questions
How much was Cullinan Tower sold for?
Bank Makramah completed the transaction for a total consideration of Rs. 12 billion.
What was Cullinan Tower previously called?
The property was formerly known as Summit Tower.
Where is Cullinan Tower located?
The tower is located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi.
Has Bank Makramah received the full payment?
Yes. The bank confirmed that it has received the remaining sale consideration, completing the transaction.
When did Bank Makramah disclose the sale completion?
The completion was disclosed to the Pakistan Stock Exchange on September 2, 2026.
When was the property transaction first disclosed?
Bank Makramah had previously disclosed information regarding the property sale in August 2025.
