Karachi February 9 2022: The Board of Directors (BOD) of the Karachi Electric (KE) considered the business update of the Company and among other matters approved the issue of KE rated, secured and privately placed listed SUKUK of up to PKR twelve (12) billion, including green shoe option of up to PKR four (4) billion, subject to completion of all statutory requirements and after obtaining all regulatory approvals and completing requisite corporate actions.
The proceeds of SUKUK will be primarily utilized to fund the permanent working capital requirements and ongoing routine Capex and Opex of the Company.
K-Electric Limited was incorporated as a limited liability company on 13 September 1913 under the repealed Indian Companies Act,1882. The Company is principally engaged in the generation, transmission and distribution of electric energy to industrial and other consumers under the Electricity Act,1910 and NEPRA Act 1997, as amended to its licensed areas. KES Power Limited is its holding company.