Masood Textile Mills to Raise Rs. 3 Billion Funds Through Sukuk

Masood Textile Mills Limited (PSX: MSOT) has decided to raise Rs. 3 billion by issuing a Sukuk, the company informed the main bourse on Monday. “The Board of Directors of Masood Textile Mills Limited Authorized the Company to carry out the Transaction i.e. raise funding to meet its working capital requirements to the extent of Rs. 3,000 million by way of a Sukuk issue (inclusive of green shoe option or PKR 1,000 Million) on such terms and conditions as may be approved by Banks/Financial Institutions”, the stock filing stated. The company plans to enter into agreements and arrangements for private placement of Sukuk issue with participants/lenders/investors/QIBS and other financial institutions involved in the transaction and create, procure, and furnish securities in respect of transaction documents to secure the payment obligations of the Company towards the said participants/lenders/ investors/QIBS in respect of the Transaction MSOT plans to carry out all related formalities thereto and create any other security that the participants/lenders/investors/QIBs may demand to be created, furnished, and/ or procured in its favor.