At-Tahur plans Rs900m Sukuk to strengthen working capital

February 19, 2026 (MLN): At-Tahur Limited (ATL) has approved the issuance of Islamic Sukuk III Certificates of up to Rs900m to support its working capital requirements, according to a certified board resolution dated February 13, 2026.

The rated, listed, secured and privately placed short-term Sukuk will be structured as redeemable capital and offered to Qualified Institutional Buyers through private placement.

The total issue size includes a green shoe option of Rs200m, allowing flexibility in subscription based on investor demand.

The Sukuk carries a profit rate of 3-month KIBOR plus 1.3% per annum, with the base rate determined as the 3-month Karachi Inter Bank Offer Rate (KIBOR).

The applicable rate will be set on the last business day prior to the first disbursement and subsequently before each quarterly period.

Profit payments will be made quarterly on the outstanding principal in arrears. A mechanism for replacement of KIBOR has been incorporated in case the benchmark is discontinued or no longer shows prevailing money market conditions.

The company will deposit principal and profit amounts into a Sukuk redemption account at least 15 days prior to each quarterly installment.

The repayment plan will run from April 1, 2026 to March 15, 2027, with staggered principal redemptions during the period. From April 1 to June 30, 2026, the outstanding principal will remain at Rs900m, with a rental payment of Rs26.52m.

During the period from July 1 to September 30, 2026, the outstanding principal will continue at Rs900m, while a redemption of Rs200m will be made, along with a rental payment of Rs26.81m.

From October 1 to December 31, 2026, the outstanding principal will reduce to Rs700m following a redemption of Rs300m, and the rental payment for the quarter will amount to Rs20.86m.

In the final phase, from January 1 to March 15, 2027, the outstanding principal will decline to Rs400m after a redemption of Rs400m, with a rental payment of Rs9.56m.

The instrument carries a ranking charge over current and biological assets amounting to Rs900m with a 25% margin.

Minimum investment and face value have been set at Rs1,000,000 per certificate.

The Sukuk and the company hold credit ratings assigned by VIS Credit Rating Company, showing the issuer’s credit profile and the strength of the instrument.

The company maintains a Long-Term Entity Rating of A- and a Short-Term Entity Rating of A2, while the Sukuk carries an Instrument Rating of A1.

The resolution further authorizes Chief Financial Officer Humza Chaudhry to execute all necessary documentation and make the required arrangements in connection with the transaction.

The Islamic Sukuk III issuance strengthens ATL’s short-term liquidity profile while maintaining secured and rated exposure for institutional investors in Pakistan’s debt capital market.

The aforementioned information was disseminated through a notification to Exchange.

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