Hascol Petroleum Limited (Hascol) has raised up to Rs 2.5 billion from the Islamic debt market through the issuance of 2nd Islamic Commercial Paper (ICP-2). Hascol is Pakistan's second largest Oil Marketing Company (OMC) in terms of volume managed through its state of the art more than 170,350 MT of oil storages (to be increased to 558,450 MT by end of 2018) and 522 retail outlets spread all across Pakistan including AJK. The company is listed on Pakistan Stock Exchange with market capitalization of more than Rs 45 billion.
Hascol has issued 2nd tranche of privately placed Islamic Commercial Paper (ICP-2) of Rs 2.5 billion for a tenor of six months in order to fulfill its working capital requirements. ICP-2 is rated 'A-1" by JCR-Vis Credit Rating Company Limited based on Hascol's outstanding entity rating of 'AA-'. BankIslami Pakistan Limited led the transaction as Mandated Lead Advisor & Arranger and also acted as Issuing & Paying Agent.
The ICP-2 issue received an overwhelming response from the investors and was oversubscribed. It has attracted diversified base investors which include Islamic Income Funds, Islamic Pension Funds, Islamic Balanced Funds and Takaful companies that are always looking for attractive avenues to invest in short-term/fixed income instruments in a Shariah complaint manner.-PR
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