Bank Makramah Limited Receives Down Payment for Cullinan Tower

Bank Makramah Limited (BML) revealed on Friday the successful receipt of the initial payment for Cullinan Tower, previously known as Summit Tower.

BML communicated this information to the Pakistan Stock Exchange earlier today.

The notice stated, “We are pleased to announce that following the approval from the Bank Makramah Limited’s Board of Directors during their meeting on July 3, 2025, concerning the sale of Cullinan Tower (formerly Summit Tower) located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi, the Sale Purchase Agreement (SPA) has been finalized today, and the corresponding down payment has been received.”

Recently, BML had also made public substantial capital infusions along with a noteworthy strategic asset divestment.

On July 5, the Board of Directors at BML sanctioned the sale of Cullinan Tower situated in Clifton, Karachi, accepting a definitive offer of Rs 12 billion.