Bank Makramah Limited has completed the sale of Cullinan Tower, formerly known as Summit Tower, after receiving the remaining sale consideration for the property. The total value of the transaction stands at Rs12 billion. The bank disclosed the development through a notice issued to the Pakistan Stock Exchange on September 2, 2026, marking the completion of a property transaction that had previously been disclosed by the bank in August 2025.
Cullinan Tower is located at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi. Bank Makramah said the receipt of the remaining amount has completed the total sale consideration agreed for the property and formally brought the transaction to a close. The latest disclosure follows the bank’s earlier communication dated August 1, 2025, regarding the sale of the property. The transaction has now been completed following receipt of the outstanding consideration.
In its notice to the Pakistan Stock Exchange, Bank Makramah stated that, in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the PSX Rule Book, it was informing the exchange about the receipt of the remaining sale consideration for Cullinan Tower. The disclosure was issued as a continuation of the bank’s previous announcement concerning the property transaction. The bank identified the property as Cullinan Tower, formerly Summit Tower, and confirmed its location in Clifton, Karachi.
The completion of the sale means Bank Makramah has now received the full Rs12 billion consideration for the property. The receipt of the outstanding amount represents the final stage of the transaction from the bank’s side. With the remaining consideration received, the property sale has been completed and no further payment related to the agreed total sale consideration remains outstanding to the bank, based on the information disclosed in its notice.
Bank Makramah’s latest disclosure, however, did not provide details regarding the amount of the final instalment received. The bank also did not identify the buyer involved in the transaction or disclose the specific date on which the remaining payment was received. The notice was limited to confirming that the outstanding sale consideration had been received and that the total transaction value had consequently reached Rs12 billion.
The property transaction had previously been disclosed by Bank Makramah in August 2025, establishing the background for the latest announcement. More than a year after that earlier disclosure, the bank has now confirmed that the remaining consideration has been received. The latest communication to PSX therefore serves as confirmation that the financial settlement of the Cullinan Tower sale has been completed.
The Rs12 billion transaction involves a property situated in one of Karachi’s established commercial and residential areas. Bank Makramah has formally notified the stock exchange of the completion in line with the applicable disclosure requirements under the Securities Act, 2015 and PSX Rule Book. The announcement provides shareholders and market participants with confirmation that the bank has received the full sale consideration associated with Cullinan Tower.
With the remaining consideration now received, the sale of Cullinan Tower has reached its final stage. Bank Makramah has confirmed the total consideration of Rs12 billion and the closure of the transaction, while leaving details such as the final instalment amount, buyer identity and exact payment date undisclosed. The development has been communicated to the Pakistan Stock Exchange as part of the bank’s continuing disclosures concerning the property sale.
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