National Refinery Limited (PSX: NRL) has successfully raised Rs. 10 billion through its first-ever Sukuk issuance, marking the company’s debut in Pakistan’s capital market debt segment.
According to a notice submitted to the Pakistan Stock Exchange (PSX), the company issued a rated, unsecured, privately placed short-term Sukuk with a tenor of six months.
The instrument is priced at three-month KIBOR minus 10 basis points per annum and has been assigned an A1 rating by PACRA.
NRL said the Sukuk will serve as an alternative source of funding for its working capital requirements, representing the company’s first capital market debt instrument.
NRL was incorporated in 1963 and is one of Pakistan’s oldest oil refineries.
Based in Karachi and part of the Attock Group since its privatization in 2005, it operates the country’s only lube oil refinery and is among Pakistan’s largest refining and petrochemical complexes, producing fuels, lubricants, asphalt, and petrochemicals for the domestic market.
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