Islamabad November 4, 2022: Pakistan Kuwait Investment Company, as part of a consortium led by MCB Bank Limited, and comprising of Pak Oman Investment Company Ltd, Al-Hilal Shariah Advisors (Pvt.) Ltd. and Mohsin Tayebaly & Co. has structured, advised and arranged PKR 7.5 Billion through the issuance of an Islamic Short Term Sukuk for one of Pakistan's leading textile manufacturers i.e. Nishat Mills Ltd.
This transaction is significant in its nature as it is the first-ever Islamic Short-Term Sukuk Issue for Pakistan's Textile Sector.
The Sukuk issue was oversubscribed by -1.9X due to the investors' confidence in Nishat Mills Limited and on account of the unique and robust structuring of the Issue by the MCB-led consortium.
The funds raised through the Issue will be utilized by Nishat Mills Limited for the procurement of Cotton and other working capital-related requirements.
About the Company
Nishat Mills Limited is a public limited Company incorporated in Pakistan under the Companies Act, 1913 (Now Companies Act, 2017) and listed on Pakistan Stock Exchange Limited. The Company is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling, and otherwise dealing in yarn, linen, cloth, and other goods and fabrics made from raw cotton, synthetic fiber and cloth, and to generate, accumulate, distribute, supply and sell electricity.