New entry: K-Electric Sukuk to be listed
Sukuk securities in all stock exchanges of the country to raise Rs 6 billion.
KARACHI:
K-Electric, formerly KESC, yesterday said it will list Sukuk securities in all stock exchanges of the country to raise Rs 6 billion. “It is a truly unique investment opportunity for all investors having a minimum investment of Rs 10,000,” the company said in a statement. The Sukuk will be offered for 13 month, three year and five year tenors. The company did not state the reason for raising money but analysts said that it will probably be used to repay bank loans. According to an analyst, as far as the company’s investments in power general and other projects were concerned, it was generating sufficient cash from its operations.
Published in The Express Tribune, February 4th, 2014.
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