The Pakistan Stock Exchange (PSX), according to a notification today on its website, has approved the Listing of the Privately Placed, Rated and Guaranteed Sukuks of Rs3,120 million of Byco Petroleum Pakistan Limited.
Byco Petroleum is listing these Sukuks on the PSX in order to finance the capital expenditure for the expansion of the company’s power, storage and processing infrastructure.
The Sukuk Issue was approved by PSX under the Regulations governing the Over-the-Counter (OTC) Market of Exchange relating to listing of Debt Securities issued to Qualified Institutional Buyers through Private Placement, which have now been replaced with Privately Placed Debt Securities’ Listing Regulations w.e.f June 14, 2018
The said Sukuks will be listed on the Exchange w.e.f Wednesday, September 05, 2018 and trading in the Sukuks will commence one day after the date of formal listing i.e. from Thursday, September 06, 2018 through Bond Automated Trading System (BATS) and will be settled through National Clearing Settlement Systems (NCSS) on T+1 settlement basis, as required under 5C.13 of the Regulations
The eligible investors, who qualify the criteria of Qualified Institutional Buyers (QIB’s), as defined under Regulation No. 5C.2.1. (viii) of Privately Placed Debt Securities’ Listing Regulations, are allowed to trade in the Sukuks of the Company.
However, the requirement of QIBs in the sale/purchase of the said Sukuks will be checked and maintained at Broker level. The Market Lot will be one certificate of face value of Rs100,000/- each.
The National Clearing Company of Pakistan Limited vide its letter No. NCCPL/CS/152/18 dated April 13, 2018 has assigned the Security Symbol/Company Code “BYCOSC” to the Sukuks of the Company.
JS Global Capital Limited has been appointed as the Market Maker of the Issue, who will provide two-way quotes on daily basis with a maximum spread of 2.5% for the Sukuks, through BATS.
JS Bank Limited, and Burj Capital Pakistan (Pvt) Limited are going to be the financial advisors and Lead Arrangers for this purpose.
A rating of AAA (triple A) was assigned by PACRA on May 31, 2018 for this instrument while the Sukuk was initially issued on January 18, 2017 and due to mature on January 18, 2017.
