Masood Textile to raise Rs3bn via Sukuk

MG News | July 15, 2024 at 03:07 PM GMT+05:00

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July 15, 2024 (MLN): The board of directors of Masood Textile Mills Limited (PSX: MSOT) has authorized the company to raise Rs3 billion through a Sukuk issue to meet its working capital requirements.

This includes a green shoe option of Rs1bn, said a notice issued by the company on Monday.

The company will enter into agreements for the private placement of the Sukuk issue with participants/lenders/investors/QIBs, and other financial institutions, and will create, procure, and furnish securities to secure the payment obligations of the company.

Masood Textile Mills Limited's main line of business includes the manufacturing and sale of cotton/synthetic fiber yarn, knitted/dyed fabrics, and garments.

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