TPL Corp Limited’s 2.190 billion rupees in privately placed, rated, and secured Sukuk Certificates (SCs) will be listed on the Pakistan Stock Exchange (PSX) as of September 22.
The National Clearing Settlement System (NCSS) will settle trades in the SCs on a T+1 basis when trading in the SCs begins on Friday, September 23, 2022, through the Bond Automated Trading System (BATS).
The SCs offer a floating coupon rate of 3 months KIBOR plus 225 basis points and have a five-year term.
Acting in the capacity of the Issue’s Investment Agent is BankIslami Pakistan Limited.
The SCs of the Company may only be traded by Qualified Institutional Buyers (QIBs), as defined in Chapter 5C of the PSX Rule Book.
One Sukuk Certificate with a face value of PKR 100,000 will be the market lot.
Bank of Punjab, U Microfinance Bank, AKD Islamic Income Fund, BankIslami, JJS Bank, Bank Al Baraka, PIA Provident Fund Trust, and Habib Islamic Income Fund are among the investors in the certificates.
Sukuk Certificates will be structured in accordance with Sharikat al Aqd’s Musharakah.
Securities to be pledged to the trustee include TPL Properties Limited (72,500,000 shares) and TPL Trakker Limited (35,000,000 shares).
The Issuer must always maintain a margin of no less than thirty percent (30%).
With the [Account Bank (TBU)], the organization will create and maintain “Debt Payment Accounts” (DPA). The Participating Institution will be the sole beneficiary of the DPA’s exclusive lien (s).
The first year’s quarterly profit payments of up to Rs. 75 million each will be covered by Takaful guarantees.
The investment agent will have the authority to call the guarantee two days before the date of the profit payment if the issuer is unable to fund the DPA as previously stated.
Profit will be calculated on a 365-day basis on the outstanding Principal amount and paid out quarterly in arrears.
Three (03) months following the issue date, the first of these profit payments will be payable, and then three (03) months after that.
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