KARACHI: The Pakistan Stock Exchange (PSX) has notified the listing of the privately placed Pakistan Energy Sukuk-II (PESC2 or the Sukuk Certificates) of Rs199.9668 billion issued by Power Holding Limited (PHL) on the Exchange with effect from July 28, 2020.
Trading in the Sukuk Certificates will commence from July 29, 2020 through Bond Automated Trading System (BATS) and will be settled through National Clearing Settlement System (NCSS) on T+1 basis.
The Sukuk Certificates have a tenor of 10 years and offer a floating coupon rate of 6 month KIBOR minus 10bps, as determined through the Book Building System of Pakistan Stock Exchange. The private placement marked the first debt issue that was offered to eligible investors through PSX's Book Building System. The Sukuk Certificates were subscribed by fifty-nine (59) investors which included commercial banks, development finance institutions, provident/pension funds, mutual funds, insurance companies and high net worth individuals.
Meezan Bank Limited is acting as the investment agent/trustee to the issue. In accordance with the Pakistan Energy Sukuk Rules 2019 (published vide Government of Pakistan S.R.O. 255(I)/2019 dated February 26, 2019), individuals are allowed to hold the Sukuk issued by PHL.
The Registrar of the Sukuk Certificates of the Company is CDC Share Registrar Services Limited.
The Market Lot will be one Sukuk Certificate of face value of Rs5000 each. PHL
has not appointed a Market Maker for this issue.
The National Clearing Company of Pakistan Limited (NCCPL) has assigned the Security Symbol "PESC2" to the Sukuk Certificates.
Copyright Business Recorder, 2020
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