Ahmed & Qazi is pleased to announce that it has acted as transaction legal counsel in the issue of PKR 138.19 billion listed sukuk certificates by way of public offering on the Pakistan Stock Exchange by the Ministry of Finance, Government of Pakistan.
Based on an ijarah structure, the issue was layered across seven classes of certificates:
(1) 1-year fixed rate discounted (FRD) certificates of PKR 37.7 billion
(2) 10-year variable rental rate (VRR) certificates of PKR 64.7 billion
(3) 5-year variable rental rate (VRR) certificates of PKR 21.5 billion
(4) 1-year variable rental rate (VRR) certificates of PKR 1.4 billion
(5) 5-year fixed rental rate (FRR) certificates of PKR 11.7 billion
(6) 3-year fixed rental rate (FRR) certificates of PKR 705 million
(7) 10-year fixed rental rate (FRR) certificates of PKR 262 million
Ahmed & Qazi was responsible for structuring the deal and drafting all the required sukuk documentation and their finalisation in coordination with Ministry of Finance, Government of Pakistan, State Bank of Pakistan (SBP), Pakistan Stock Exchange, Central Depository Company of Pakistan Limited, National Clearing Company of Pak Ltd. (NCCPL) and the Joint Financial Advisors.
A&Q team was spearheaded by Nazif Ahmed (Head – Corporate), who was assisted by a team of associates.
