PTPL, Meezan Bank sign MoU

LAHORE: Punjab Thermal Power Private Limited (PTPL) and Meezan Bank Limited have signed a memorandum of understanding for making arrangement for financing of over Rs12 billion, a statement said on Friday.

As per the MoU, Meezan Bank is mandated to arrange working capital facility of up to Rs5 billion and project finance facility of approximately Rs7 billion. The bank, as a major contributor, will arrange the balance in collaboration with existing project financers and the market.

The ceremony was witnessed by senior executives of Meezan Bank, senior officials from PTPL and Punjab government, including Ajmal Bhatti, secretary energy, Ali Randhawa, secretary finance, Salman Zakaria, CEO PTPL, Mohsin Ali, CFO PTPL, Hammad Khan, CLO PTPL and other executives. According to details, the said facilities amongst already arranged and in process of being arranged would help PTPL to manage its operations smoothly and swiftly. PTPL has achieved simple cycle COD while attaining more than targeted efficiency and capacity.