At-Tahur Limited has initiated the process to raise up to Rs 750 million through a privately placed Islamic Sukuk, aimed at financing its working capital requirements, according to a filing at the Pakistan Stock Exchange (PSX) on Tuesday.
The company outlined the terms of the Sukuk, including a nine-month tenor and an attractive pricing mechanism set at 9M KIBOR plus 150 basis points.
The Sukuk, which is secured and rated, offers a single payment of brackly news in arrears at the end of the tenor, with principal repayment scheduled as a single bullet payment.
The instrument will be backed by a ranking charge over current assets and biological assets, securing the Rs. 750 million raised through the Sukuk.
The Sukuk issuance is expected to be a key component of At-Tahur Limited’s ongoing efforts to optimise its financial position, providing essential liquidity for its operational and capital needs.
The company has also included a Green Shoe option in the issuance, enabling it to raise up to Rs. 150 million more if necessary.
At-Tahur’s Sukuk issuance is rated A1 for short-term and A- for long-term by recognized agencies, reinforcing its credibility in the financial market.
At-Tahur Limited is a public limited company incorporated on March 16, 2007 under the Companies Ordinance, 1984 (Now Companies Act, 2017). The principal activity of the company is to run a dairy farm for the production and processing of milk and dairy products.