HBL invests in Pakistan's first Shariah-compliant green energy fund

MG News | September 20, 2024 at 05:15 PM GMT+05:00

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September 20, 2024 (MLN): In line with its commitment to clean energy and sustainable development, Habib Bank Limited (PSX: HBL) has invested in Burj Clean Energy Modaraba (BCEM), Pakistan's first Shariah-compliant green energy fund.

BCEM's recent approval for listing on the Pakistan Stock Exchange's Growth Enterprise Market (GEM) Board is a significant milestone for the country’s journey towards energy independence and a greener future.

On September 16, Arif Habib Limited (PSX: AHL) announced that the subscription dates for the initial offering of Modaraba certificates on the GEM Board of BCEMare September 25 and 26, 2024.

The total issue size is 10 million Modaraba certificates, representing 10% of the post-issue paid-up capital.

The offering will be at a fixed price of Rs10 per Modaraba certificate, with a total amount to be raised of Rs100 million.

HBL is eager to support BCEM's efforts in driving renewable energy adoption and creating long-term value for investors.

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