K-Electric is planning to issue Pakistan’s largest-ever retail-listed Sukuk worth Rs. 25 billion (including Rs.5 billion greenshoe option).
The members of the Transaction Shariah Advisory Board signed the Shariah Pronouncement at the KE head office.
Senior members of KE, HBL and NBP management were also present at the event. HBL is the exclusive shariah structuring adviser. HBL and the National 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 placement or/and public offering,” “Regulatory approvals are under process.”
This will be the utility’s third issue in the country’s Islamic debt capital market. The proceeds of the Sukuk will be primarily used to meet the permanent working capital requirements of the company and ongoing routine capital expenditures on generation, transmission and distribution.
K-Elected Limited also announced that the audit of the financial statements for the year that ended on 30 June 2019 are in process.
In a notice to the Pakistan Stock Exchange, the company stated that as soon as the financial statements are finalized and audited, the company will seeking SECP’s direction to hold the AGM for FY19 and will inform PSX accordingly.
Earlier in November, the company had informed SECP that it was not possible for the company to finalize the financial statements for the year 2019, complete the audit process and hold the AGM within the extended time by 27 November 2019.