Masood Textile Mills Raises Rs. 2 Billion From Sukuk Issue for Debt Repayment

Masood Textile Mills Limited (PSX: MSOT) has successfully completed the Sukuk issue of Rs. 2,000 million carrying a rental rate of 3-month KIBOR + 1.75% per annum over a tenor of 5 years (inclusive of a 9-month period). The company said the purpose of this Sukuk was to repay existing conventional debt and meet its working capital requirement. The main objects of the Company are the manufacturing and sale of cotton/ synthetic fiber yarn, knitted/dyed fabrics, and garments.