KARACHI: Burj Modaraba Management Company (BMMC) has received approval from the Pakistan Stock Exchange (PSX) for listing Burj Clean Energy Modaraba (BCEM) on the Growth Enterprise Market (GEM), Pakistan’s First Green Energy Fund.
This approval is a big step for Pakistan’s Capital Markets, BMMC’s ability to access direct investments through the Stock Exchange for sustainable energy investments will lead the way for clean energy project developers and investors to come together through BCEM.
The Initial Offering (IO) of Burj Clean Energy Modaraba (BCEM) will take place on the 25th and 26th of September 2024, marking the official launch of this groundbreaking fund.
The offering will consist of 10 percent, amounting to Rs 100 million out of a total issue size of Rs 1.0 billion. BCEM/ Green Energy Fund is Pakistan’s first renewable energy investment fund to be listed on the GEM Board. This move highlights BMMC’s commitment to offering profitable, Shariah-compliant investment opportunities through capital markets while advancing the growth of renewable energy projects across Pakistan.
BCEM is proud of its partners and Investors like Meezan Bank Limited and Habib Bank Limited who are equally committed and leading the way to promote the use of renewable energy in the country and helping reduce the cost of energy production. Arif Habib Corporation Limited, along with AKD Securities are the underwriters to the issue. Arif Habib Limited (AHL) is the financial advisor to BMMC, Usmani & Company Shariah Advisors (Pvt) Limited is the Shariah advisor.
BCEM is well positioned to capitalize on the growing demand for clean energy in Pakistan by offering a fund that delivers sustainable value for its certificate holders. A diversified portfolio of investments including solar, wind, energy storage, and energy efficiency solutions, all underpinned by a strong commitment to sustainability while helping deliver reduced electricity costs.
By contributing to the renewable energy mix, BCEM aims to alleviate the country’s reliance on conventional fuel sources while easing the financial burden of high electricity costs on end consumers.
BCEM aims to be a leading green Islamic fund and aggregator, delivering renewable energy as a service to all sectors while upholding the highest standards of Environmental, Social, and Governance (ESG) principles.
The approval from PSX for GEMS listing is a first step to attracting investment in the renewable energy sector through capital markets.
Copyright Business Recorder, 2024
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