Sukuk (Fresh issue of up to PKR 25,000 million)
K-Electric is delighted to launch a Listed Sukuk of up to PKR 25,000 million (inclusive of PKR 5,000 million Green Shoe option). The Sukuk is secured, having a tenor of seven years and has been rated AA+ by VIS credit rating agency.
Out of the total Issue size of PKR 25,000 million, PKR 23,708 million has been successfully raised through Pre-IPO placement and PKR 1,292 million is being offered to the general public by way of Initial Public Offer. The Sukuk will be listed on Pakistan Stock Exchange.
In 2015, after the tremendous success of the KE AZM Sukuk, KE launched the Sukuk-ul-Shirkah (Shirkat-ul-Milk), worth PKR 22 billion, out of which PKR 7 billion was offered to the general public. The proceeds were utilised to prepay long-term loans to the International Finance Corporation and the Asian Development Bank.