Crescent Steel & Allied Products Limited (CSAP) has issued a Rs. 800 million untradeable Sukuk payable within three years.
In accordance with the requirements of the PSX Rule Book provisions of the Securities Act 2015, and further to the company’s letter dated 16 September 2022, Crescent Steel and Allied Products Limited has successfully issued privately placed, secured, and untradeable long-term Sukuk of Rs. 800 million for a tenor of 3 years.
The issuance of the bond was closed by Topline Securities as Lead Advisor and Arranger, according to the stock filing.
In their meeting held on 16 September 2022, the Board of Directors of the Company approved the issuance of the privately placed Rs. 800 million Islamic financial certificate repayable in six semi-annual installments.
The company aims to utilize the funds for enhancing its capital working requirements.