Meezan Bank authorized to issue PKR7bn Tier II Capital Sukuk

August 13, 2021 (MLN): The Board of Directors of Meezan Bank, in its meeting held on August 12, 2021, has authorized the bank to exercise the call option in full in relation to the Tier II Capital Sukuk Issue in the amount of PKR7 billion issued by the Bank on September 22, 2016.

The above resolution is subject to obtaining approval from the State Bank of Pakistan (SBP).

According to the notice issued to PSX, the board further authorized the raising of fresh Tier 2 Capital through the issuance of Subordinated Instrument, in the form of Tier 2 Sukuk up to the extent of PKR 10bn  [inclusive of PKR 3bn greenshoe option], to the general public by way of the public offering and/or to eligible institutional and other investors by way of private placement in terms of SBP’s relevant rules, regulations, circulars and notifications, subject to obtaining all applicable corporate and regulatory approvals and completion of necessary formalities.

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