KARACHI: K-Electric Limited – the power generation and a supply company on Wednesday announced raising funds up to Rs12 billion through issuing Sukuks.
In a communication sent to Pakistan Stock Exchange (PSX), the company said that its Board of Directors in its meeting held on February 09, 2022 considered and business updated and among other matters approved the issuance of KE rated, secured and privately placed listed Sukuk of up to Rs12 billion.
This issuance of Sukuk will include green shoe option of up to Rs 4 billion, subject to completion of all statutory requirements and after obtaining all regulatory approvals and completing requisite corporate actions, the company added.
READ MORE: K-Electric profit surges five times
“The proceeds of Sukuk will be primarily utilized to fund the permanent working capital requirement and ongoing routine Capex and Opex of the company,” it said.
Shanghai Electric Power Company Limited (SEP) is currently engaged to purchase stakes in K-Electric.
READ MORE: K-Electric declares 222 percent growth in quarterly profit
The K-Electric Limited on December 29, 2021 informed the stock exchange that it had received fresh public announcement of intention (PAI) from Shanghai Electric Power Company Limited to acquire up to 66.40 per cent voting shares of K-Electric, subject to receipt of regulatory and other approvals.
This PAI has been notified to the KE Board of Directors on December 29, 2021, the company said.
