Latest news with #SukukCertificates
Business Recorder
3 days ago
- Business
- Business Recorder
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.
Al Etihad
29-04-2025
- Business
- Al Etihad
ADNOC prices debut Sukuk offering under newly established International Sukuk Programme
29 Apr 2025 11:33 ABU DHABI (WAM)ADNOC Murban Sukuk Limited (the Issuer), a special purpose vehicle specifically set up to issue Sukuk Certificates, has successfully priced its inaugural offering of Shari'a compliant trust certificates (Sukuk) under its newly established International Sukuk Programme with a principal amount of $1.5 billion, representing the largest-AA rated Corporate Sukuk ever issued Obligor in relation to the Sukuk will be ADNOC Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) and the primary debt capital markets issuing and rated entity for ADNOC Sukuk will be issued in a single tranche at a principal amount of $1.5 billion maturing on May 6, 2035, and carrying an annual profit rate of 4.75 percent to be paid Sukuk was successfully priced at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, and at the region's tightest-ever corporate US dollar 10-year spread. This was driven by significant investor interest across key Islamic investor markets, reflecting the market's belief in ADNOC's exceptional credit quality and resilient strategy across commodity price issuance, which captures a strategic opportunity to further diversify ADNOC's funding sources and broaden its investor base, is part of a disciplined funding strategy building on ADNOC Murban's inaugural Global Medium Term Note bond issuance in September 2024, and Green Financing Facility signed in June Sukuk is expected to be issued on 6th May 2025, and listed on the International Securities Market of the London Stock Murban is rated 'Aa2' by Moody's Investor Services (Moody's), 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings (Fitch) – aligned with ratings assigned to ADNOC's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a provisional rating of 'Aa2' by Moody's, and 'AA' by Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank acted as Active Bookrunners and Joint Sukuk Structuring NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, whereas KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners on the Sukuk offering. The transaction is subject to customary closing conditions.
Zawya
29-04-2025
- Business
- Zawya
ADNOC prices debut Sukuk offering under newly established International Sukuk Programme
ABU DHABI - ADNOC Murban Sukuk Limited (the Issuer), a special purpose vehicle specifically set up to issue Sukuk Certificates, has successfully priced its inaugural offering of Shari'a compliant trust certificates (Sukuk) under its newly established International Sukuk Programme with a principal amount of US$1.5 billion, representing the largest-AA rated Corporate Sukuk ever issued globally. The Obligor in relation to the Sukuk will be ADNOC Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) and the primary debt capital markets issuing and rated entity for ADNOC Group. The Sukuk will be issued in a single tranche at a principal amount of $1.5 billion maturing on 6th May 2035, and carrying an annual profit rate of 4.75 percent to be paid semi-annually. The Sukuk was successfully priced at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, and at the region's tightest-ever corporate US dollar 10-year spread. This was driven by significant investor interest across key Islamic investor markets, reflecting the market's belief in ADNOC's exceptional credit quality and resilient strategy across commodity price cycles. The issuance, which captures a strategic opportunity to further diversify ADNOC's funding sources and broaden its investor base, is part of a disciplined funding strategy building on ADNOC Murban's inaugural Global Medium Term Note bond issuance in September 2024, and Green Financing Facility signed in June 2024. The Sukuk is expected to be issued on 6th May 2025, and listed on the International Securities Market of the London Stock Exchange. ADNOC Murban is rated 'Aa2' by Moody's Investor Services (Moody's), 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings (Fitch) – aligned with ratings assigned to ADNOC's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a provisional rating of 'Aa2' by Moody's, and 'AA' by Fitch. Standard Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank acted as Active Bookrunners and Joint Sukuk Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, whereas KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners on the Sukuk offering. The transaction is subject to customary closing conditions.
