Pakistan Cables Limited has successfully issued a rated, unsecured, and privately placed short term Sukuk worth Rs. 4 billion to meet the company’s working capital requirements.
According to the company’s notice, the Sukuk carries a tenor of six months and has been assigned an A 1 rating by VIS Credit Rating Agency.
The company informed the Pakistan Stock Exchange that the proceeds from the Islamic financing instrument will be utilized to support operational and working capital needs.
Pakistan Cables has recently remained active in operational expansion and modernization initiatives as demand for power and infrastructure-related products continues to grow across Pakistan.
Pakistan Cables is one of Pakistan’s oldest and largest cable manufacturers, established in 1953 and listed on the Pakistan Stock Exchange since 1955. The company manufactures wires, cables, conductors, copper rods, aluminum profiles, PVC compounds, and wiring accessories, with operations spanning more than 200 cities across Pakistan.
The company is part of the Amir S. Chinoy Group and also exports products to dozens of international markets.