At-Tahur Limited (PSX: PREMA) announced today in a stock exchange filing that it is in the process of raising up to Rs. 750 million through the issuance of a privately placed, rated, and secured Islamic Sukuk to finance its working capital requirements.
According to the term sheet disclosed to the Pakistan Stock Exchange (PSX) on Tuesday, the Sukuk will be structured with a tenor of nine months and will offer a profit rate of 9-month KIBOR plus 150 basis points.
The issue size includes a Green Shoe Option of Rs. 150 million.
The profit payment will be made in a single bullet payment at the end of the Sukuk’s tenor. Likewise, the principal repayment will also be made in one go at maturity.
Security for the Sukuk will comprise a ranking charge over the company’s current assets as well as its biological assets, collectively valued at Rs. 750 million.
The company’s credit ratings stand at A- (Long Term) and A2 (Short Term), while the instrument itself has been rated A1.
This funding move is part of At-Tahur’s efforts to bolster its liquidity position and ensure continued operations, especially in light of dynamic market conditions.
| Instrument Type | Rated, Secured, Privately Placed Sukuk |
| Purpose | To Finance Working Capital Requirements |
| Issue Amount | Up to Rs750m (inclusive of a Green Shoe Option of Rs150m) |
| Pricing | 9M KIBOR + 150 BPS |
| Tenor | 9 Months |
| Profit Payment Frequency | Single Payment in arrears at the End of the Instrument Tenor |
| Principal Repayment | Single Bullet Repayment at the End of the Instrument Tenor |
| Security | Ranking Charge Over Current Assets and Charge Over Biological Assets Amounting to Rs750m |
| Entity Rating | A- (Long Term) / A2 (Short Term) |
| Instrument Rating | A1 |