Hashoo Group announces issuing Rs7b Sukuk bonds

ISLAMABAD: Hashoo Group, on behalf of Pakistan Services Limited (PSL) and with the cooperation of JS Bank Limited, has announced to issue long-term privately held Rs7 billion Sukuk bonds.

According to the press release issued by Hashoo Group, JS Bank as lead manager, Elixir Securities Pakistan (Pvt) Ltd and Faysal Bank under their capacity have played lead adviser role in the release of aforesaid Sukuk bonds. JS Bank, Faysal Bank, National Bank of Pakistan, Bank of Punjab, Allied Bank, Soneri Bank and Pak-Iran Investment company are investors of Sukuk bonds of PSL.

Mohsin Tayyab Ali & Company is a transaction Legal Council. The Sukuk bonds of PSL would be used in the construction of new hotels and resorts. Hashoo Group will start these buildings from 2018-19. Hashoo Group planned to open three new Pearl Continental hotels and three resorts and also planned to open at least 200 units of hotels in next six to seven years.

Those who participated in the ceremony of release of private Sukuk bonds were Vice Chairman and CEO Hashoo Group Murtaza Hashwani, deputy chairman, senior representatives Hashoo Group Yousaf Hussain, president and CEO Faysal Bank, CEO Elixir Securities Pakistan (Pvt) Ltd, deputy CEO JS Bank Limited, CEOs and director of Pakistan Stock Exchange, transactional Council, investors of Sukuk.

On this occasion Murtaza Hashwani said that the hotel industry of Pakistan is flourishing due to CPEC and improvement of law and order situation. He said that our focus is and will remain on economic, financial and social development, promotion of guest industries, under control tourism and business events and conferences market.