Bank Makramah Limited Receives Down Payment for Cullinan Tower

Bank Makramah Limited (BML) has declared that it has successfully secured the initial payment for Cullinan Tower, previously known as Summit Tower. This announcement was formally communicated to the Pakistan Stock Exchange on Friday.

According to the notification, this action follows the Board of Directors’ approval during their session on July 3, 2025, regarding the disposal of Cullinan Tower (formerly Summit Tower). The tower is situated at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. The Sale Purchase Agreement (SPA) has been officially executed, and the corresponding down payment has been received.

In related developments, BML had recently disclosed substantial capital inflows in conjunction with a significant strategic asset divestiture.

Earlier, on July 5, the Board of Directors at BML sanctioned the sale of Cullinan Tower, located in Clifton, Karachi, based on a firm offer amounting to Rs 12 billion.