April 17, 2020 (MLN): Power Holding Limited, a public sector company wholly owned by the Government of Pakistan, intends to issue GoP Guaranteed, 100% SLR eligible, Shariah Compliant, 10 Years Secured Sukuk up to PKR 200 billion with a subsequent listing on Pakistan Stock Exchange.
According to Taurus Securities, the issue shall be privately placed to eligible investors at a profit rate that shall be determined through the Book Building method.
The Government of Pakistan shall use the funds raised from this issue to fulfill its financing requirements including but not limited to settlement of part of prevailing circular debt related to the Power Sector.
The disbursement proceeds will also be utilized for funding the repayment liabilities of the DISCOs through CPPA-G to settle overdue payments in the total payable of CPPA towards various sectoral entities.
The registration period shall start from April 27, 2020, to May 04, 2020 (banking hours) by filling in the Bid Registration Form.
The bidding period shall commence from May 05, 2020, to May 06, 2020, from 09:00 am till 02:00 pm through Book Building System.
National Bank of Pakistan and Taurus Securities Limited are acting as Joint Book Runners to the issue.
