KE to offer Rs3bn Sukuk through public subscription
K-Electric Limited, the country's only vertically integrated power utility, plans to offer the Sukuk through a public offering.
'PSX is pleased to inform all concerned that KE, a listed company on the Exchange, has applied for listing of its rated, unsecured, short-term Sukuk Certificates on the Exchange,' said PSX, while sharing the KE's prospectus.
The total issue size is Rs 3,000 million, out of which Rs 1,000 million have been issued to Pre-IPO investors and Rs 2,000 million are being issued to the general public, inclusive of the green-shoe option of Rs 1,000 million, through a public offer.
The Sukuk Certificates will be offered in denominations of Rs 10,000/- or multiples of Rs 10,000/-, with a minimum investment requirement of Rs 50,000/-, i.e. for 5 Sukuk Certificates.
April FCA: KE seeks Rs4.69/unit negative adjustment
K-Electric is principally engaged in the generation, transmission and distribution of electric energy under the Electricity Act, 1910 and the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 (XL of 1997) read with the NEPRA.
KE shared that the primary purpose of utilisation of the Sukuk Issue proceeds is to fund routine working capital requirements of the company that primarily arise due to timing differences between outflows and the requisite inflows.
'Working capital requirements include fuel payments and power purchases, which will be partially funded by the proceeds from this financial instrument,' read the prospectus.
The company shared that it has prepared a network investment plan of $2 billion for the period FY24 to FY30, focused on expanding grid infrastructure, reducing technical losses, and boosting renewable energy's share to 30%.
It is currently developing over 600 MW in solar and hybrid projects, with support from the Government of Sindh and private partners.
Additionally, the company has secured new power purchase and subsidy agreements with the Government of Pakistan, aimed at streamlining power offtake and improving cash flows.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
6 hours ago
- Business Recorder
KSE-100 Index closes flat after volatile trading
The Pakistan Stock Exchange (PSX) witnessed volatile trading on Friday, as its benchmark KSE-100 Index swayed in both directions before closing the day nearly flat. The KSE-100 started the session positive, but soon witnessed selling pressure that put the index to an intra-day low of 119,872.16. However, the bulls regained momentum in the final hours and brought the index back to the green. At close, the benchmark index settled at 120,023.24, marginally up by 20.65 points or 0.02%. 'KSE-100 lndex after opening on a positive note, traded in positive zone during the most part of trading session on news that Trump administration has decided to exercise restraint and will decide on US action in Israel-Iran conflict within two weeks,' brokerage house Topline Securities said in its post-market report. 'However, due lack of confidence surrounding the conflict, KSE-100 Index came down during the latter hours of the trade to close on a flat note.' Top positive contribution to the index came from HUBC PA, SYS PA, UBL PA, OGDC PA, MLCF PA and PPL PA, as the cumulatively contributed 168 points to the index. Whereas top negative contribution to the index came from PKGP PA, TRG PA, FFC PA, PSEL PA, EFERT PA and MCB PA, as they cumulatively contributed 180 points to the index. On Thursday, the PSX experienced another downbeat trading day, with most key indices registering declines despite some individual company gains. The KSE-100 index dropped by 463.34 points or 0.38% to end the day at 120,002.59. Globally, share markets in Asia struggled for direction on Friday as fears of a potential U.S. attack on Iran hung over markets, while oil prices were poised to rise for a third straight week on the escalating Israel-Iran conflict. Overnight, Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel as a week-old air war intensified with no sign yet of an exit strategy from either side. The White House said President Donald Trump will decide in the next two weeks whether the U.S. will get involved in the Israel-Iran war. The U.S. President is facing uproar from some of his MAGA base over a possible strike on Iran. Brent fell 2% on Friday to $77.22 per barrel, but is still headed for a strong weekly gain of 4%, following a 12% surge the previous week. Still, a cautious mood prevailed in markets with Nasdaq futures and S&P 500 futures both 0.3% lower in Asia. U.S. markets were closed for the Juneteenth holiday, offering little direction for Asia. The MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1% but was set for a weekly drop of 1%. Japan's Nikkei slipped 0.2%. China's blue chips rose 0.3%, while Hong Kong's Hang Seng gained 0.5%, after the central bank held the benchmark lending rates steady as widely expected. In the currency markets, the dollar was on the back foot again, slipping 0.2% to 145.17 yen after data showed Japan's core inflation hit a two-year high in May, which kept pressure on the Bank of Japan to resume interest rate hikes. Investors, however, see little prospect of a rate hike from the BOJ until December this year, which is a little over 50% priced in. Meanwhile, the Pakistani rupee posted marginal decline against the US dollar, depreciating 0.02% during trading in the interbank market on Friday. At close, the local currency settled at 283.70, a loss of Re0.06 against the greenback. Volume on the all-share index decreased to 421.64 million from 604.54 million recorded in the previous close. The value of shares declined to Rs15.65 billion from Rs20.44 billion in the previous session. WorldCall Telecom was the volume leader with 42.79 million shares, followed by TRG Pak Ltd with 26.66 million shares, and Pervez Ahmed Co with 25.53 million shares. Shares of 468 companies were traded on Friday, of which 178 registered an increase, 245 recorded a fall, while 45 remained unchanged.
Business Recorder
15 hours ago
- Business Recorder
Buying at PSX, KSE-100 gains over 600 points
Buying momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 600 points during the opening minutes of trading on Friday. At 9:35am, the benchmark index was hovering at 120,609.85 level, an increase of 607.26 points or 0.51%. Across-the-board buying was seen in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including PRL, HUBCO, PSO, SNGPL, MARI, OGDC, POL, PPL, NBP, MEBL and UBL traded in the green. On Thursday, the PSX experienced another downbeat trading day, with most key indices registering declines despite some individual company gains. The KSE-100 index dropped by 463.34 points or 0.38% to end the day at 120,002.59. Globally, share markets in Asia struggled for direction on Friday as fears of a potential U.S. attack on Iran hung over markets, while oil prices were poised to rise for a third straight week on the escalating Israel-Iran conflict. Overnight, Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel as a week-old air war intensified with no sign yet of an exit strategy from either side. The White House said President Donald Trump will decide in the next two weeks whether the U.S. will get involved in the Israel-Iran war. The U.S. President is facing uproar from some of his MAGA base over a possible strike on Iran. Brent fell 2% on Friday to $77.22 per barrel, but is still headed for a strong weekly gain of 4%, following a 12% surge the previous week. Still, a cautious mood prevailed in markets with Nasdaq futures and S&P 500 futures both 0.3% lower in Asia. U.S. markets were closed for the Juneteenth holiday, offering little direction for Asia. The MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1% but was set for a weekly drop of 1%. Japan's Nikkei slipped 0.2%. China's blue chips rose 0.3%, while Hong Kong's Hang Seng gained 0.5%, after the central bank held the benchmark lending rates steady as widely expected. In the currency markets, the dollar was on the back foot again, slipping 0.2% to 145.17 yen after data showed Japan's core inflation hit a two-year high in May, which kept pressure on the Bank of Japan to resume interest rate hikes. Investors, however, see little prospect of a rate hike from the BOJ until December this year, which is a little over 50% priced in. This is an intra-day update
Business Recorder
18 hours ago
- Business Recorder
CBD Punjab attracts Rs2.288bn through plot auction
LAHORE: The Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab, attracted a significant investment of Rs 2.228 billion by auctioning four residential plots in CBD NSIT City. Held under the banner of NSIT Residencia, an exclusive residential enclave within Pakistan's first and largest IT city, the auction showcased four residential plots, each approximately 4.5 kanals in size. According to a spokesman of the Authority, a total of 186 bids were submitted during the auction, underlining the rising demand for high-value residential properties within this state-of-the-art development. Each plot offered during the auction received considerable attention. Plot R-02-05 was successfully sold to Zameen Developments for 464.38 million, achieving a highest bid of 107 million per kanal. Plot R-02-06 was awarded to Umar Safdar at a price of 614.44 million, while Plot R-02-07 was secured by Zameen Developments for 619 million. Plot R-02-08, the final parcel in this auction cycle, was acquired by Muhammad Anwar Mian Noor for 601.005 million, with the highest bid recorded at 154.5 million per kanal. Speaking on the occasion, CEO CBD Punjab, Imran Amin, said, 'This auction reaffirms the confidence investors have in CBD Punjab's vision. The overwhelming interest from both domestic and international stakeholders reflects our commitment to sustainable, high-impact development that transforms urban Punjab into an engine of economic growth.' Copyright Business Recorder, 2025
