June 12, 2026 (MLN): Arif Habib Limited (PSX: AHL) has been appointed as manager for DM Holdings Limited’s offer to acquire a significant shareholding in Bank Makramah Limited (PSX: BML).
The transaction could alter control of the listed lender.
In a filing with the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX), DM Holdings announced its Public Announcement of Intention under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
If completed, the deal may trigger a mandatory public offer for at least 50% of the remaining voting shares of Bank Makramah, depending on the final structure and level of control achieved.
DM Holdings said the exact size of the stake remains “not determinable at this stage” and will be finalised through a share purchase agreement, subject to regulatory approval.
Bank Makramah is currently 83.78% owned by Abdulla Nasser Abdulla Hussain Lootah, so any successful bid would represent a material shift in control and governance.
The announcement reflects renewed merger‑and‑acquisition interest in Pakistan’s banking sector, where investors are targeting distressed or under‑capitalised lenders amid tighter regulation and balance‑sheet restructuring.
DM Holdings Limited, incorporated in May 2026, is a privately held investment company based in Karachi with authorized capital of PKR 100 million. The firm is owned by Deoomal Essarani (50%), Dr. Tara Chand (25%) and Mahesh Kumar (25%), who also serve as directors and ultimate beneficial owners.
The principals bring experience in sugar manufacturing, ethanol production, fertilizer and commodity trading, packaging solutions, and corporate restructuring—areas often associated with turnaround‑focused investment strategies.
According to the disclosure, DM Holdings intends to deploy long‑term strategic capital across diversified industries, with the potential Bank Makramah acquisition marking its entry into financial services.
Under Pakistan’s takeover framework, any acquisition beyond prescribed thresholds would require a public offer to minority shareholders at a regulated price, and competitive bidding could occur if another acquirer emerges.
Bank Makramah shares closed at PKR 61.22 on June 11, 2026, with a 28‑day volume‑weighted average price of PKR 59.01.
Financial disclosures indicate the bank has faced profitability volatility in recent years, though recent data suggests some stabilization in its equity position after prior losses.
Market participants will watch regulatory approvals, funding clarity and potential rival bids, factors that could shape the final terms and valuation of the transaction.
The development adds to a growing pipeline of consolidation activity in Pakistan’s financial sector, as strategic investors evaluate acquisition opportunities amid structural reforms and capital pressures.
