In a notification sent to the PSX on Wednesday, Dawood Hercules Corporation Limited (DAWH) announced its Board of Directors had given approval to raise funds from Islamic (Sukuk) bonds.
DAWH outlined its plans to raise Rs. 6 billion from Islamic Sukuk for a duration of five years. JS Bank has been awarded the mandate for this transaction and will also act as an advisor to this issue, read the notification.
Funds from the Sukuk will be utilized for consolidating and re-profiling the existing debt.
DAWH is an investment holding company with a range of business interests from food, fertilizer, chemical manufacturing and storage, energy and information technology. Its market capitalization according to Pakistan Stock Exchange is around Rs. 60.584m.
Last month Dawood Hercules in partnership with edotco, agreed to acquire Jazz’s tower business in Pakistan for $940 million. edotco will operate, manage and maintain 13,000 towers for Jazz.
Veon is the majority shareholder in Pakistan’s largest mobile operator Jazz, formerly known as Mobilink.