Islamabad: Power Division has raised Rs. 200 Billion though Islamic Sukkuk at all-time less than Kibor rate (minus Kibor). This was done though comparative book building at Pakistan Stock Exchange (PSX) though an open and transparent process.
This loan will substitute more expensive loans of the power sector. Compared to the previous loans and Sukkuk, this current Sukkuk will save about Rs. 19 billion of debt servicing over 10 years time.
Federal Minister for Power and Petroleum Omar Ayub Khan and Secretary Power, Irfan Alli have appreciated the hard work put in this effort by the Power Sector Team and also acknowledged the support provided by Finance Division, State Bank of Pakistan, Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange.