Karachi (Sept 25, 2007)Pak Elektron Limited (PEL) has raised funding of Rs. 1.2 billion through a 5 years Privately Placed Shariah Compliant Sukuk based on Diminishing Musharakah. BankIslami lead managed the issue.
With an instrument rating of “A+” assigned by PACRA,the issue has been well received in the market and has been oversubscribed by two times of its total size. Funds from the Sukuk will be utilized towards adjustment of existing credit lines available from conventional banks with Islamic mode of financing.
Pak Elektron Limited (“PEL”) was incorporated in Pakistan on March 03,1956 as a public limited company and is currently listed on all Stock Exchanges of the country. The company is a leading manufacturer of power equipment and home appliances products.