Century Paper granted Rs 3.5 billion Islamic Sukuk facility

The Century Paper & Board Mills Limited has been granted Islamic Sukuk Facility (privately placed Sukuk issue) of Rs 3.5 billion by the institutional investors. National Bank of Pakistan (NBP) has been appointed trustee of the issue.

The institutional investors, which participated in the facility, are NAFA Cash Fund, United Growth and Income Fund, United Money Market Fund, United Composite Islamic Fund, Allied Bank Limited, Meezan Bank Limited, Meezan Islamic Income Fund, Soneri Bank Limited, HBL Income Fund, First Dawood Islamic Bank Limited, Habib Bank Limited, Arif Habib Investment Management (Pakistan Income Fund) and Faysal Bank Limited.

The company has availed of the conventional syndicated term finance facility of rupees two billion from the consortium of banks, comprising NBP, Standard Chartered Bank (Pakistan) Limited and Faysal Bank Limited. The Standard Chartered Bank (Pakistan) Limited is appointed agent of the syndicate. "The facilities are arranged to refinance the existing debts and balance commitments towards PM7 expansion project cost", a company notice sent to Karachi Stock Exchange (KSE) said.