Suspension of Trading in Government of Pakistan Ijarah Sukuk Announced Ahead of Rental Payment

Stock Exchange Announcements

Karachi: Trading of the Government of Pakistan (GoP) Ijarah Sukuk will be temporarily suspended this month due to the scheduled first rental payment for both Fixed Rental Rate (FRR) and Variable Rental Rate (VRR) securities, issued earlier this year. The suspension, set to facilitate the payment process, will affect activities at the Pakistan Stock Exchange (PSX), clearing and settlement at the National Clearing Company of Pakistan Limited (NCCPL), and movements in Sub Accounts/Investor Accounts at the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), the securities affected include both three-year and five-year tenures under FRR and VRR categories. Specifically, the suspension for the securities coded P03FRR240127 and P05FRR240129 (3-year and 5-year FRR) along with P03VRR240127 and P05VRR240129 (3-year and 5-year VRR) will commence on July 19, 2024, and will continue until July 23, 2024. Additionally, during this period, the CDC will observe a shut period from July 20 to July 23.

The first rental payment for these sukuk, which were initially offered through a primary market auction on January 24, 2024, is scheduled for July 24, 2024. This date also marks the commencement of the revised rental rates for VRR securities, which will be communicated to the market participants in due course.