Dawood Hercules set to raise Rs6b from Islamic bonds

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Karachi: In a notification sent to the bourse on Wednesday, Dawood Hercules Corporation Limited (DAWH) announced its Board of Directors had given approval to raise funds from Islamic (Sukuk) bonds.

DAWH outlined its plans to raise Rs6 billion from Islamic Sukuk for a duration of five years and JS Bank has been awarded the mandate for this transaction and will also act as an advisor to this issue, read the notification.

DAWH is an investment holding company with a range of business interests from food, fertilizer, chemical manufacturing and storage, energy and information technology sector. Its market capitalization according to Pakistan Stock Exchange is around Rs60.584m.

Profit had reported last month about Dawood Hercules in partnership was acquiring Jazz’s wireless tower business in Pakistan for $940 million. Veon is the majority shareholder in Pakistan’s largest mobile operator Jazz, formerly known as Mobilink.

At the time of filing this report, DAWH shares were trading Rs125.88, with the KSE-100 index trading at 42,464.86 points, down 201.37 points from its close on Tuesday.