HUBCO clarifies that no agreement regarding Sukuk issuance has been executed yet

October 22, 2020 (MLN): Hub Power Company Limited (HUBCO) has clarified that the decision to issue Sukuks worth PKR 6 billion is in the discussions stage with no agreement executed as yet.

In a notification issued to the Pakistan Stock Exchange on Thursday, the company said that information memorandums (in the ordinary course of business and market practice) were circulated to numerous banks and DFIs to gauge market appetite, which does not in any way bind or obligates the Company to issue a Sukuk.

Quoting a line from an article published by Mettis Global News, the company said that it confirms their stance that it is still under the process of finalizing issuance of an Islamic Shariah-compliant Sukuk, that too without any obligation.

‘We truly believe at this stage such ordinary and usual market practice is not price-sensitive and has no bearing or impact on the movement of the Share price, and it is aligned with PSX regulations’, the notification added

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Posted on: 2020-10-22T18:00:00+05:00