In biggest ever listing of it's kind in Pakistan history, Rs 200 billion Energy Sukuk bonds listed in PSX
ISLAMABAD - In biggest ever listing of it's kind in Pakistan history, Rs 200 billion Energy Sukuk bonds listed in Pakistan Stock Exchange.
Pakistan Stock Exchange (PSX) has approved the listing of Pakistan Energy Sukuk-1 of Rs. 200 billion of Power Holding Limited under its privately-placed debt securities’ listing regulations.
According to the notification issued by the PSX , the Sukuk Certificates will be listed on the Exchange from October 24, 2019, and trading will commence one day after the date of the formal listing i.e. October 25, 2019, through Bond Automated Trading System (BATS) and will be settled through National Clearing Settlement System (NCSS) on the T+1 settlement basis.
The notification reads,
Government debt securities which include GoP (Government of Pakistan) Ijara sukuk can also be issued to individual investors and in accordance with the Pakistan Energy Sukuk Rules 2019, individuals shall be allowed to hold the Sukuk issued by PHL (Power Holding Limited).
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 to fulfill its financing requirements, including but not limited to the settlement of part of prevailing circular debt related to the energy sector.