PKIC closes Rs1.5bn short-term sukuk for TWA

April 20, 2026 (MLN): Pakistan Kuwait Investment Company (Private) Limited (PKIC) has successfully closed a Rated, Secured, Privately Placed Short Term Sukuk for Transworld Associates (TWA) amounting to Rs 1.5bn.

TWA, a major provider of international connectivity and bandwidth services through submarine fiber optic cable systems, plays a key role in strengthening Pakistan’s digital infrastructure.

The Sukuk was structured on the Shariah principle of Shirkat-ul-Aqd and carries an instrument rating of A1 assigned by The Pakistan Credit Rating Agency Limited (PACRA), while TWA maintains entity ratings of A+ (long-term) and A1 (short-term), according to a LinkedIn post by PKIC.

PKIC acted as Lead Advisor, Arranger, and Investment Agent for the transaction.

The Sukuk was fully subscribed by Al Meezan Investment Management Limited and HBL Asset Management Limited, reflecting strong institutional confidence in TWA’s credit strength and business fundamentals.

This milestone further reinforces PKIC’s position as a trusted partner in delivering Shariah-compliant capital market solutions and highlights its ongoing commitment to developing Pakistan’s Islamic finance ecosystem.

PKIC extended appreciation to all stakeholders, including TWA for their trust and partnership, investors for their confidence, Al-Hilal Shariah Advisors (Pvt.) Ltd. as Shariah Advisor, Haidermota & Co. (HMCO) as Transaction Legal Counsel, and PACRA for the credit rating support, congratulating all parties on the successful closure of the transaction.

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