The certificate, the first retail Term Finance Certificate (TFC) launched by Engro on October 15, was floated keeping in view the company’s expansion plans and businesses in various sectors such as fertilisers, power generation, foods, etc.
In a statement on Wednesday, Engro said the certificate would help develop the debt capital market and provide investors with a reliable and efficient avenue of investment within the country.
Engro Group Chief Financial Officer Ruhail Mohammed said: “The trust of the masses through their investments has strengthened our commitment to bring more innovative business and investment models for Pakistan.”
The certificates offer profit payments at the rate of 14.5 per cent per annum every six months for a minimum amount of Rs25,000, invested for a period of three years.
Engro said the TFC has already reached its target amount of Rs2 billion and the company is now exercising the green shoe option for Rs2 billion with subscription open till January 14, 2011 or earlier in case the green shoe option amount is met.
Published in The Express Tribune November 25th, 2010.
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