ISLAMABAD – In biggest ever listing of it’s kind in Pakistan history, Rs200 billion Energy Sukuk bonds listed in Pakistan Stock Exchange.
Pakistan Stock Exchange (PSX) has approved the listing of Pakistan EnergySukuk-1 of Rs. 200 billion of Power Holding Limited under itsprivately-placed debt securities’ listing regulations.
According to the notification issued by the PSX, the Sukuk Certificateswill be listed on the Exchange from October 24, 2019, and trading willcommence one day after the date of the formal listing i.e. October 25,2019, through Bond Automated Trading System (BATS) and will be settledthrough National Clearing Settlement System (NCSS) on the T+1 settlementbasis.
The notification reads,
Government debt securities which include GoP (Government of Pakistan) Ijarasukuk can also be issued to individual investors and in accordance with thePakistan Energy Sukuk Rules 2019, individuals shall be allowed to hold theSukuk issued by PHL (Power Holding Limited).
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The market lot will be one certificate of face value of Rs. 5,000 each.
The redeemable capital instrument will help the government raise funds tofulfill its financing requirements, including but not limited to thesettlement of part of prevailing circular debt related to the energy sector.
