In a key development, Power Holding Limited (PHL), an independent power producer (IPP), has approved the early redemption of Pakistan Energy Sukuk–I (PESC-I) and Pakistan Energy Sukuk–II (PESC-II) totalling Rs400 billion.
The redemption is subject to approval from Sukuk holders and regulatory authorities, read a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
In an emergent meeting held on Wednesday, the PHL board authorised management to proceed with the redemption process, which would see the company settle outstanding obligations of Rs200 billion under PESC-I, issued in March 2019 and Rs199.97 billion under PESC-II, issued in May 2020.
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The company said the decision is in line with the Pakistan Energy Sukuk Rules, 2019, as amended vide Notification bearing reference No. S.R.O. 1124(I)/2025 dated June 26, 2025.
PHL noted that once the required approvals are secured, the redemption date will be finalised in consultation with Meezan Bank Limited, which is acting as trustee and investment agent for both Sukuk issues. On the agreed date, the full principal, along with accrued profit/rental, will be paid to certificate holders.
“The early redemption is subject to obtaining approval from the requisite majority of certificate holders by way of extraordinary resolution, and to securing all necessary regulatory consents,” the company stated in its filing to the bourse.
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