KE’s Retail Listed Short-Term Sukuk: Gong ceremony held to mark successful listing

KARACHI: A gong ceremony was held at the Pakistan Stock Exchange (PSX) on Tuesday to mark the successful listing of the Retail Listed Short-Term Sukuk that was issued by K-Electric, the only vertically integrated power utility in Pakistan that supplies electricity to Karachi and its adjoining areas.

The ceremony was attended by Farrukh H Sabzwari, MD & CEO of PSX, NCCPL CEO Naveed Qazi, CDC CEO Badiuddin Akber along with KE’s leadership including CEO Moonis Alvi, CFO Aamir Ghaziani, Company Secretary Rizwan Pesnani, KE’s board member Saad Amanullah Khan and the Shariah Advisors.

Moonis Alvi, the KE CEO, expressed his delight at the listing: “Alhamdulillah, KE’s Retail Listed Short-Term Sukuk received an overwhelming response - the IPO was oversubscribed by 2.2x times,” said Alvi. “We are thankful to the PSX, SECP, CDC, HBL, MTC and the Shariah Advisors for supporting us throughout the Retail Sukuk journey. We look forward to further collaborating with PSX and SECP to develop and strengthen the capital markets and pioneer more such capital market instruments.”

PSX MD and CEO Farrukh H. Sabzwari stated, “Unlocking the potential of capital markets in both developed and emerging markets relies on innovation. KE’s Sukuk is a prime example of such innovation, contributing to the growth of capital markets. A progressive and supportive regulatory framework enables the conception and launch of groundbreaking products, and this successful issuance is a testament to the power of collaboration fostered by the Securities and Exchange Commission of Pakistan. Therefore, my first thanks must go to them, followed by KE, which has not only diversified its own financing but also paved the way for other corporations to follow.”

The Initial Public Offering (IPO) of KE’s Sukuk had first opened on August 4, and offered individuals across Pakistan, including KE’s residential and commercial consumers, the opportunity to invest in this financial product. During this blackout phase, only individual investors could participate. However, from August 18 onwards, the IPO opened to all types of investors, including asset management companies.

Copyright Business Recorder, 2025