By Our Senior Correspondent
KARACHI: Karachi Electric (KE) announce on Wednesday marked the formal listing and commencement for trading of K-Electric Limited, AZM SUKUK on the Karachi, Lahore and Islamabad Stock Exchanges.
In a highly successful Sukuk offering, KE raised six billion rupees from the local market in a record 12 business hours, a statement says.
Extensive investor base ranging from financial institutions, corporations, trusts, HNWI’s participated in the first ever retail Sukuk in the local market on ‘first come first serve’ basis.
The formal listing was initiated in a Gong Ceremony held inside the Trading Hall of the Karachi Stock Exchange. On the occasion, Chief Executive Officer (CEO) K-Electric, Nayyer Hussain along with the Chief Financial Officer & Company Secretary Syed Moonis Abdullah Alvi were present with the MD Karachi Stock Exchange Nadeem Naqvi and other members of the stock market. Other senior members from Habib Bank Limited, K-Electric and KSE were also part of this historic occasion.
CEO KE, Nayyer Hussian said, “We are extremely pleased with the overwhelming response from the investors; it is gratifying to see the tremendous interest KE received during the offering.”
“KE has been a turnaround story since the management control has been taken over by Abraaj Capital in 2009. This inaugural offering (first ever retail Sukuk in Pakistan) will act as a catalyst for future offerings and give confidence to other sponsors doubtful to gauge investor interests,” he added.
Habib Bank Limited (HBL) acted as the sole underwriter and financial advisor for the transaction.
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