PSE delays Rs200bn sukuk

Published May 5, 2020
The sukuk bonds have been postponed for 7-10 days. — AFP/File
The sukuk bonds have been postponed for 7-10 days. — AFP/File

KARACHI: The Pakistan Energy Sukuk-II (PES-II), a government-guaranteed Shariah-compliant security of Rs200 billion, which was to be on offer through the book building in the stock exchange from Tuesday has been delayed by 7-10 days, it was learnt on Monday evening.

The Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy, is issuing the second issue of the Energy Sukuk to address the liquidity constraints being faced by the country’s power sector.

The debt instrument which is 100 per cent Statutory Liquidity Requirement SLR eligible having a 10-year maturity with semi-annual profit payment for investors would be the first ever debt issuance to go on offer through PSX book building.

Sources said the delay occurred as the government had to notify certain rules and regulations which could be completed in a couple of days.

Easypaisa sees surge in new users

Easypaisa, mobile banking platform of Telenor Microfinance Bank, has witnessed a 35 per cent increase in new activations since the lockdown, the company said in a press release.

Old customers using the service again also went up by 25pc while the number of daily transactions from the Easypaisa app has grown by 17pc since the lockdown.

The company further said there has been an surge of 184pc in bank transfers and around 15pc growth in airtime and bundle subscriptions in overall transactions.

Simultaneously, QR payments have been introduced at numerous retail outlets to allow contactless shopping experiences, the press release said.

Honda car prices raised

Honda Atlas Cars Ltd (HACL) has increa­­sed prices of various car models by Rs60,000-Rs120,000 with immediate effect.

The minimum increase of Rs60,000 and Rs65,000 was made in Honda City 1.3 manual and automatic versions while BR-V vehicles prices were raised by Rs80,000-100,000.

The prices of 1.5L and 1.8 models were swelled by Rs70,000-120,000, according to a letter issued to the authorised dealers.

Car assembling plants and their distribution and dealership networks had been closed due to country-wide lockdown. But Honda’s letter suggested a different angle as the company said new retail sale price is applicable on all bookings received from April 23 and on wards.

Current retail selling price would be applicable on back order with full payment as on April 22 while back order as on April 22 with partial payment would be delivered on new price.

Sadapay partners up with Mastercard

Sadapay, a fintech, on Monday announced its partnership with Mastercard that would enable the challenger bank’s customers to conduct seamless, faster and safer domestic and cross-border transactions by using their e-wallets.

The company recently obtained an Electronic Money Institution (EMI) license from the State Bank of Pakistan and is especially looking to offer a convenient payment solution to the country’s freelancers.

NIT bonds offer high return

NIT’s Government Bond Fund (NIT-GBF) became the best performing asset under management in the highest rated Sovereign Income category, with an amount exceeding Rs4.8 billion, the National Investment Trust said on Monday.

It provided an annualised year-to-date return at 18.05pc as on April 30. Managing Director Adnan Afridi said that in addition to healthy returns of money market and GBF, he expected investor appetite to grow for the recently launched Asset Allocation Fund (NIT-AAF) and Gateway Exchange Traded Fund (NITG-ETF).

Published in Dawn, May 5th, 2020

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