Pakistan’s PKR 200 Billion Energy Sukuk-II to now Invite Smaller Bids from Individual Banks

Secretary of Pakistan’s Power Division, Irfan Ali confirmed that the initial decision to invite competitive bids for PKR 200 billion under its Sukuk-II issuance has been revoked, citing that the bids came in on the higher side.

Under the competitive bids system, a consortium of banks bid for the entire PKR 200 billion at a rate of KIBOR+0.78.

The Power Division is now looking to invite individual bids from other banks that showed interest in offering loans at a lower rate. The smaller individual banks will participate in the bidding process by offering smaller loan values of PKR 20-25 billion.

The PKR 200 billion raised will be used to r...