Daily Times

KARACHI: The issuance of rated, secured, long-term, privately placed Sukuk of Rs 7 billion by Pakistan Services Limited (PSL) were announced by the Hashoo Group on Wednesday.

PSL will utilize the Sukuk funds for construction and capital expenditure of new hotels & resorts and mixed-use developments in the cities of Multan, Faisalabad, Mirpur Azad Jammu Kashmir, Hayatabad Peshawar, Malam Jaba, Skardu and Gwadar. These properties are expected to open in 2018 & 2019.

Present at the signing ceremony event was Murtaza Hashwani, Deputy Chairman & CEO, along with senior representatives of Hashoo Group, Yousaf Hussain, President & CEO, Faysal Bank Limited, Fawaz Valiaani, CEO, Elixir Securities Pakistan (Private) Limited and Basir Shamsie, Deputy CEO JS Bank Limited, CEOs and Heads of Corporate and Investment Banking of all major banks and financial institutions, the Chairman, CEO and Deputy Managing Director of Pakistan Stock Exchange, the Transaction Legal Counsel and Sukuk Investors attended the ceremony.

Murtaza Hashwani said, “Over the past few years Pakistan’s hotel industry has been thriving at a great pace in parallel to growing business activity, particularly in relation to CPEC and improved law and order situation nation-wide. The successful launch of this Sukuk represents our commitment to Pakistan, we remain a Pakistani company developing infrastructure that supports the strategic vision of the Government, contributing to the national exchequer, and creating thousands of jobs”.

Hashwani further added that “The spirit of business opportunity and optimism that Hashoo Group is known for, runs parallel to the Group’s commitment to Pakistan. Our main focus has always been, and will remain – the economic, socio-economic development, growth of the hospitality industry, inbound tourism and the business events & conferences market in Pakistan. We are very positive about Pakistan’s future, and as one of the largest business groups in the country, we are optimistic about the future of Hashoo Group also”.

Published in Daily Times, February 8^th 2018.