Sitara Chemical Industries Limited (SCIL) has raised Rs 1.1 billion through a Sukuk Issue. SCIL had mandated the consortium of AMZ Securities (Private) Limited and JS Bank Limited to act as Advisors & Arrangers for arranging PKR 1.1 billion through Shariah compliant Sukuk Certificates issue based on Islamic financing principal of diminishing Musharaka.
SCIL has always been a frontrunner in facilitating Islamic financing in the country. The Company is committed to promoting Islamic financing in Pakistan and it has been instrumental in the introduction of innovative Shariah Compliant financial products in the Country.
A signing ceremony was held between SCIL and the Sukuk Investors at AMZ's office to mark the transaction close. The list of investors comprise of diversified institutions from different segments of the financial sector including Islamic Commercial Banks, Islamic Mutual Funds, etc has subscribed to the issue.
SCIL's Sukuk issue offers attractive return to its investors with an on three percent spread over the base rate of three-month KIBOR. Rentals will be payable on quarterly basis and the Musharaka Units will be re-purchased by SCIL in equal instalments starting from the 27th month.-PR
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