Lahore: At-Tahur Limited has successfully listed its Rated, Secured, Privately Placed Sukuk Certificates worth PKR 750.00 million on the Pakistan Stock Exchange (PSX), effective Thursday, February 27, 2025. This listing follows the guidelines of Chapter 5C of the PSX Rule Book, titled "Privately Placed Debt Securities' Listing Regulations". Trading is set to commence on Friday, February 28, 2025, through the PSX's trading platforms, with settlements processed via the National Clearing Settlement System (NCSS) on a T+1 basis.
The Sukuk Certificates, which carry a tenor of up to six months from their issue date, offer a floating coupon rate of six-month KIBOR plus 150 basis points. The Digital Custodian Company Limited has been appointed as the Security Agent for this issuance. Trading in these certificates is restricted to Qualified Institutional Buyers (QIBs), as delineated in Chapter SC of the PSX Rule Book. The market lot for trading is set at a face value of PKR 1,000,000 per certificate.
According to information available from the Pakistan Stock Exchange (PSX), the National Clearing Company of Pakistan Limited has assigned the security symbol "PREMASC" to the Sukuk Certificates of At-Tahur Limited. The issuance of these short-term Islamic certificates is structured under the Sukuk (Privately Placed) Regulations, 2017, and is listed under section SC of the PSX Rule Book. The financial advisory and arrangement were managed by AND Securities Limited.
The proceeds from this Sukuk issuance are designated to meet At-Tahur Limited's working capital requirements. The Sukuk is priced based on the six-month Karachi Inter Bank Offer Rate (KIBOR) plus an additional 1.5% per annum, with profit payable once at the end of the tenor, calculated on a 365-day year basis. These certificates are to be redeemed in full upon maturity, with a structured repayment plan through a Debt Payment Account (DPA) to ensure full availability of funds 10 days prior to the maturity date.
The Sukuk Certificates have been rated A1 (Single A One) by VIS Credit Rating Company, with At-Tahur Limited holding an entity rating of A2 (Single A Two). Legal oversight for the issuance has been provided by Cornelius, Lane & Mufti, with Shariah compliance assured by Alfalah Shariah Advisors (Pvt.) Limited. The Sukuk will also be inducted into the Central Depository System (CDS) of the Central Depository Company of Pakistan Limited (CDC), ensuring its transferability in accordance with the Central Depositories Act, 1997, and other applicable CDC regulations.