KARACHI: K-Electric (KE) spokesman has said that the company has paid back Rs18 billion loans, obtained post privatisation.
He said that the loans were paid back primarily via proceeds of pre-initial public offering disbursement of Rs15 billion against issuance of a proposed seven-year listed, rated and secured Sukuk of Rs22 billion. The balance portion of Rs7 billion (including a green-shoe option of Rs2 billion) of the Sukuk issue will be offered to the public, subject to all statutory approvals and requisite corporate formalities, including those from the Karachi Stock Exchange and the Securities and Exchange Commission of Pakistan, which will be obtained in due course.
The loans were taken from the International Finance Corporation, the Asian Development Bank, the National Bank of Pakistan, the Habib Bank, the Standard Chartered Bank, the United Bank and the Muslim Commercial Bank.
