Karachi: Masood Textile Mills Limited has announced the successful completion of a Sukuk issue valued at Rs. 2.00 billion, according to a letter addressed to the Pakistan Stock Exchange. The issuance, dated October 11, 2024, aims to enhance the company's financial stability by refinancing existing debts and supporting working capital needs.

The Sukuk, with a tenure of five years including a 09-months grace period, carries a rental rate of 3M KIBOR + 1.75% per annum. This strategic financial maneuver is designed to address the company's previous conventional debt obligations while also ensuring sufficient working capital to maintain its operations.

According to information available from the Pakistan Stock Exchange (PSX), the successful closure of this Sukuk issue represents a significant step for Masood Textile Mills in its ongoing efforts to optimize its financial strategy and bolster its position in the textile industry.

The company expressed its satisfaction with the completion of the deal, which not only meets but also enhances its financial structure to better tackle future economic challenges and opportunities.