A signing ceremony for privately placed Sukuk of Rs 1,500 million was held at Sitara Chemical Industries Limited to finance PVC manufacturing unit. The Sitara Group chairman and banking heads from Karachi and Faisalabad attended the ceremony.

The major financing of this project has been made through privately placed Sukuk of Rs 1,500 million with consortium of banks comprising Standard Chartered Bank, United Bank, Dawood Islamic Bank, Bank Alfalah and AMZ Mutual Funds.

The Sitara Group chairman as well as the Sitara Chemicals CEO thanked the bankers and participants for their presence in the ceremony. They appreciated the co-operation of the consortium banks in financing the project.

The Sitara Chemicals CEO, in his address, gave briefing on the PVC project highlights and upcoming projects like CPW, calcium chloride, Sitara gases and diversification towards other manufacturing sectors. The Sitara Group chairman linked the success of a project with situational support from the financial institutes with the acute efforts of executors.

He was quite appreciative for the high cooperation available to the Sitara Group for all its ventures and emphasised the same height of support for future growth. The ceremony was followed by visit to the Sitara Chemical complex facilities.
                                                                                Countesy by : Business Recorder.