ISLAMABAD – K-Electric is planning to issue Pakistan’s largest-everretail-listed Sukuk worth Rs. 25 billion (including Rs.5 billion greenshoeoption).
The members of the Transaction Shariah Advisory Board signed the ShariahPronouncement at the KE head office.
Senior members of KE, HBL and NBP management were also present at theevent. HBL is the exclusive shariah structuring adviser. HBL and theNational Bank of Pakistan are joint structuring agents for the transaction.The company didn’t share any further transaction details.——————————
According to the official, “It could be sold through private placementor/and public offering,” “Regulatory approvals are under process.”
This will be the utility’s third issue in the country’s Islamic debtcapital market. The proceeds of the Sukuk will be primarily used to meetthe permanent working capital requirements of the company and ongoingroutine capital expenditures on generation, transmission and distribution.
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K-Elected Limited also announced that the audit of the financial statementsfor the year that ended on 30 June 2019 are in process.
In a notice to the Pakistan Stock Exchange, the company stated that as soonas the financial statements are finalized and audited, the company willseeking SECP’s direction to hold the AGM for FY19 and will inform PSXaccordingly.
Earlier in November, the company had informed SECP that it was not possiblefor the company to finalize the financial statements for the year 2019,complete the audit process and hold the AGM within the extended time by 27November 2019.
