Tuesday, Dec 11, 2007
KARACHI (Dow Jones)--Sui Southern Gas Company, Pakistan's second biggest gas producer, Tuesday said it has sold a PKR5 billion ($81.6 million) Islamic bond to fund its expansion plans.
"Since gas is currently 51% of Pakistan's energy mix, there is a great dependence on this vital energy resource," Managing Director of SSGC, Azim Iqbal Siddiqui, said in an e-mail statement.
He said more gas has been sourced from a major gas field recently, and the company intends to use this gas to meet demand from Karachi and other key cities in the country.
SSGC plans to spend PKR10 billion in the fiscal year ending June 30, 2008 to develop its infrastructure and expand its gas pipelines.
Pak Brunei Investment Company and Bank Islami are the arrangers and advisors for the issue.
The co-arrangers are Dawood Islamic Bank, Bank of Punjab, Faysal Bank and First Dawood Investment Bank.
The sukuk has a AA rating from the Pakistan Credit Rating Agency.
-By Haris Zamir, Dow Jones Newswires; 91 22 2288 4212
(END) Dow Jones Newswires
11-12-07 0811GMT
