Book Building of Pakistan Energy Sukuk-II

Ministry of Energy, Power Division, Government of Pakistan has issued the announcement regarding book building of Pakistan energy sukuk-II.

Power Holding Limited (PHL), a public sector company wholly owned by the Government of Pakistan intends to issue GoP Guaranteed, 100% SLR eligible, Sharia’h compliant, 10 Years Secured Sukuk up to Rs. 200.00 billion (bullet maturity with bi-annual profit payment) with subsequent listing on Pakistan Stock Exchange.

The purpose or the issue is 10 fulfill its financing requirements including but not limited to settlement or part or prevailing circular debt related to Power Sector. The Pakistan Energy Sukuk-Il will be secured against a tripartite Escrow arrangement between Power Holding Limited (the Issuer), the investment agent and Central Power Purchasing Agency (Guarantee) Limited, Book Building Mechanism will be used to determine the Spread (-/+) in basis points (bps) over 6 Month KIBOR Rate that the issuer will pay on semi-annual basis to the respective investors.

The issue shall be privately placed to eligible investors listed below at a profit rate that shall be determined through the Book Building method, Eligible Investors include:

(i) A Scheduled Bank: Financial Institution; a Company or a Body Corporate as defined in the Companies Act, 2017:

(ii) Mutual Funds, Voluntary Pension Schemes and Private fund being managed by NBFC:

(iii) Insurer registered under the Insurance Ordinance, 2000.

(iv) A Securities Broker:

(v) A fund and trust as defined in the Employees Contributory funds (Investment in listed securities) Regulations, 2018.

(vi) Eligible individual investors having net assets of at least Rs. 2.00 million.

Interested eligible investors shall be required to register themselves either online or with the branches of National Bank of Pakistan and/or Taurus Securities Limited (list of branches shared at National Bank webPage) during April 27.2020 to May 04,2020 (banking hours) by filling in the Bid Registration Form.

Those eligible investors who wish to remit funds through RTGS may register up till 01:00 pm on May 05, 2020. No third-party cheques will be accepted. National Bank of Pakistan and Taurus Securities Limited are acting as Joint Book runner 10 the issue.

Intended Bidders shall not submit/disclose the spread to the Joint Book Runners or to any other person. The bid for spread and quantity shall be placed by the bidders themselves online through their specific user IDs and passwords during May 05, 2020 to May 06, 2020 from 09:00 am till 02:00 pm through Book Building system.

All eligible investors are required to have a bank account with any scheduled bank in Pakistan. Detailed Book Building process and term sheer can be accessed through following Link:

www.nbp.com.pk :  www.taurus.com.pk:  www.psx.com.pk

For any further details you can contact on below mentioned numbers:

NBP: 021-99220769. 021-99062119 & 021-99062124

Taurus: 011-111-828-787 ( III-TAURUS)

PSX: 021-35274545-8

Book Building of Pakistan Energy Sukuk-II

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