Karachi, 12, August, 2021: Mughal Steel Industries has successfully achieved financial closure of PKR 1,827 million under first ever SECP approved Shirkat Ul Aqd based Islamic Commercial paper.
Al Hilal Shariah Advisors (Pvt) Limited has structured this transaction is Islamic way and Topline Securities has acted as Financial advisor and arranger for this issue whereas Pak Oman acted as issue agent.
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Mughal is a known name in the steel industry. The Company’s business profile has significantly improved, over the last few years. Governance framework strengthened by induction of independent oversight on board. The Company has diversity in its product slate; Rebars, T-Iron and Girders etc. Furthermore, establishment of strong brands like ‘Mughal Supreme’ gives competitive edge to the Company. The company has attained formidable market share by penetrating retail segment.
Mughal steel has recently issued Sukuk of PKR 3,000 million which is used for meeting working capital requirements. In February 2021, MUGHAL steel has also issued 40,255,944 ordinary shares of the Company at a value of PKR 68 per share (i.e. inclusive of a premium of Rs. 58/- per share) in a ratio of 16 right shares for every 100 existing ordinary shares of Rs. 10/- each (i.e @ 16%).
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