K-Electric’s Rs. 6.7 Billion Sukuk Launches Friday

K-Electric Limited’s (PSX: KE) privately put Rs. 6.7 billion Sukuk will begin trading on Friday, May 12.

BATS and NCSS will trade and settle the Islamic bond on the PSX.

The bond issue should meet the company’s operational and capital expenditure needs and improve its liquidity and bond market competitiveness.

The seven-year Sukuk has a 3-month KIBOR+ 170 basis points floating coupon rate. The certificate, with a market lot of one Sukuk certificate worth Rs. 100,000, will be sold only to authorised institutional buyers.

Sindh Province Pension Fund invested Rs. 1 billion in the Rs. 6.7 billion sukuk, followed by Pak China Investment Company Limited.

KE lost Rs. 39.4 billion in the first three quarters of 2022-23, compared to a net profit of Rs. 1.5 billion in 2021-22. The January-March loss was Rs. 12.3 billion, up 6.7 times from the previous year.

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