January 9, 2003	Thursday	Ziqa’ad 5, 1423

KARACHI, Jan 8: Pak-Oman Investment Company has advised and arranged the 2nd TFC issue by Security Leasing Corporation Ltd of Rs299 million for which a public offering of Rs60 million will be held on Thursday.

The pre-IPO of Rs239 million was closed earlier and received an overwhelming response from institutional investors, says a press release.

This is the second TFC issue by the corporation with a four-year term, priced at discount rate plus 2.25 per cent with a floor of 11.5 per cent in the first year and 11 per cent in the next three years. The ceiling remains at 15.5 per cent throughout the life of the instrument.

“With a rating of A by JCR-VIS, this TFC provides an extremely attractive yield to investors in the current low interest rate scenario. The company retains the right to call the issue for early redemption after 12 months from issuance date.”

Along with providing advisory service, Pak-Oman is also committed to market making in the issue to provide liquidity for investors, the release says.