logo
Sunridge raises Rs2bn via Pakistan's first agri-infrastructure sukuk

Sunridge raises Rs2bn via Pakistan's first agri-infrastructure sukuk

KARACHI: Sunridge Foods, a food processing company, has launched Pakistan's first fully subscribed agri-infrastructure sukuk, raising Rs2 billion in debt financing at the Pakistan Stock Exchange (PSX) on Monday.
The sukuk issuance was arranged by BankIslami Pakistan with a 100% credit guarantee provided by InfraZamin Pakistan.
Pakistan's real effective exchange rate hits 21-month low in June 2025
In a press statement, the company elaborated that the funds would be utilised to advance the company's balancing, modernisation, and replacement (BMR) projects, focused on upgrading production facilities with sustainable and energy-efficient technologies.
'Key components of the BMR include the installation of 1 MW wind turbines and a 0.5 MW solar power plant to bolster Sunridge's renewable energy efforts, alongside the construction of new silos and warehouses to substantially expand agricultural produce storage capacity.
'Additionally, the proceeds will provide working capital support for Sunridge's critical wheat and rice processing plants in Karachi and Lahore, facilitating increased production of essential staple food items,' the statement read.
The sukuk issuance was led by BankIslami Pakistan Limited as the mandated lead arranger, fully subscribed by institutional investors. It was backed by a 100% principal credit guarantee from InfraZamin Pakistan and carried a long-term AAA rating assigned by VIS Credit Rating Company.
'This represents a pioneering step towards sustainable financing via capital markets in the country's agricultural sector.'
The sukuk also involved AKD Securities as financial advisor, Al-Hilal Shariah Advisors as Shariah-compliance experts, and Pak Brunei Investment Company Limited as investment agent and trustee ensures robust governance and protection of the interests of sukuk holders under a Shariah-compliant framework.
Deputy British High Commissioner Lance Domm hailed the sukuk as a milestone in expanding climate-friendly, Shariah-compliant finance in Pakistan's agri-infrastructure sector, believing it would make economic growth sustainable.
'The UK, through its support to InfraZamin and other financial institutions, remains committed to strengthening Pakistan's financial ecosystem,' he said.
InfraZamin Pakistan CEO Maheen Rahman said the credit guarantee strengthened investor trust and unlocks capital for sustainable agriculture.
Budgetary requirements: Ijara Sukuk funding to help govt save Rs32bn per year
Sunridge Foods chairman Amir Shahzad noted the Sukuk would modernise production, boost renewable energy, and expand storage of essential food staples.
BankIslami Pakistan president and CEO Rizwan Ata emphasised the importance of Shariah-compliant finance in driving sustainable economic growth.
PSX chairperson Shamshad Akhtar praised the initiative as a bold, private-sector-led response to climate and food insecurity. PSX CEO Farrukh Subzwari reaffirmed the exchange's role in supporting purposeful, collaborative solutions that mobilise capital for national priorities and long-term sustainability.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Profit-taking pulls PSX down after strong opening
Profit-taking pulls PSX down after strong opening

Express Tribune

time7 hours ago

  • Express Tribune

Profit-taking pulls PSX down after strong opening

Listen to article The Pakistan Stock Exchange (PSX) once again succumbed to profit-taking on Thursday as the benchmark KSE-100 index lost early gains to close down by over 550 points amid caution over futures rollover. The index surged to intra-day high of 139,868 shortly after the opening bell, reflecting investor interest across key sectors. However, the momentum proved short-lived as selling pressure emerged, pulling the index down by midday. Later, the index hit intra-day low at 138,614. Market participants pointed to profit-booking in heavyweight stocks ahead of corporate earnings announcements. At the end of trading, the KSE-100 index settled at 138,692.67, registering a notable loss of 561.69 points, or 0.40%. Market Snapshot – July 24, 2025 Unlock today's market moves and stay one step ahead! — PSX (@pakstockexgltd) July 24, 2025 KTrade Securities observed in its market wrap that stocks experienced a negative session as investors again locked in profits near recent highs. Selling pressure emerged later in the day amid caution over futures rollover and the earnings season, both of which are expected to drive increased volatility and keep sentiment in check. Among key laggards of the day were bank, fertiliser and energy stocks, it said. Topline Securities commented that after a strong rally in recent sessions, the local bourse took a step back on Thursday as investors opted to lock in gains ahead of final days of the rollover week. The KSE-100 index witnessed a volatile session, swinging between intra-day high of 613 points and low of 561 points, before closing at 138,693, down 562 points, it said. The session was marked by a tug-of-war between bullish sentiment and rollover-induced caution, with market participants leaning towards profit-booking. Amid mounting rollover pressure, Topline projected, choppy movements are likely to persist and selective interest is expected to dictate near-term direction. Fauji Fertiliser, Habib Bank, Engro Holdings, Mari Petroleum and Engro Fertilisers wiped out 506 points from the index. On the flip side, Hub Power, MCB Bank and Systems Limited lent some support, collectively adding 204 points, it added. Overall trading volumes decreased to 648.8 million shares compared with Wednesday's tally of 656.6 million. Traded value stood at Rs28.1 billion. Shares of 484 companies were traded. Of these, 182 stocks closed higher, 273 fell and 29 remained unchanged. The Bank of Punjab topped the volumes chart with trading in 113 million shares, rising Rs0.55 to close at Rs13.55.

India's Modi and UK PM Starmer ink trade deal
India's Modi and UK PM Starmer ink trade deal

Business Recorder

time8 hours ago

  • Business Recorder

India's Modi and UK PM Starmer ink trade deal

LONDON: Prime Minister Keir Starmer praised Britain's 'unique bonds' with India as he and his Indian counterpart Narendra Modi formally signed a recently announced UK-India trade deal during talks on Thursday. Starmer hailed the agreement as a 'landmark moment' for both countries as he hosted India's leader at his Chequers country estate, northwest of London. 'This is not the extent or the limit of our collaboration with India,' added the British premier, whose year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation. 'We have unique bonds of history, of family and of culture and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term,' he said. Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add £4.8 billion ($6.5 billion) a year to the UK economy. The UK and India hope the accord will boost trade between the two countries by £25.5 billion, as well as bolstering the British economy and wages. Modi, standing alongside Starmer during a media appearance, described the deal as a 'blueprint for our shared prosperity'. UK, India likely to unveil trade deal next week, including whisky, EVs, textiles, sources say Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around £41 billion and investment supporting more than 600,000 jobs across both countries. The accord slashes tariffs on imports of UK goods into India, including whisky, cosmetics and medical devices. In return, the United Kingdom will cut tariffs on clothes, footwear and food products including frozen prawns from India. Starmer and Modi were also likely to discuss last month's Air India disaster in which 241 people died when a London-bound flight crashed after taking off from Ahmedabad in western India. Some 169 Indian passengers and 52 British nationals were killed in the June 12 crash, one of the deadliest plane disasters in terms of the number of British fatalities. Sikh blogger A lawyer for 20 British families said this week the repatriation of victims had been marred by errors with one relative finding that a returned coffin contained 'co-mingled' remains. A different family was told a coffin contained the body of someone else entirely, not their loved one, he said, according to UK media. India's foreign ministry has said all remains 'were handled with utmost professionalism' and that it is 'continuing to work with the UK authorities on addressing any concerns related to this issue'. Another tricky topic of discussion could be that of Scottish sikh blogger Jagtar Singh Johal, imprisoned in India since 2017 on accusations of being part of a terror plot against right-wing Hindu leaders. He has not been convicted of a crime and in March was cleared of one of the nine charges against him. His brother Gurpreet Singh Johal said in a statement the case 'should be high on the agenda' during the two leaders' meeting. Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year. Modi was also due to see King Charles III during his brief stay in Britain, his fourth visit since becoming India's leader in 2014.

KSE-100 loses 562 points on profit-taking
KSE-100 loses 562 points on profit-taking

Business Recorder

time8 hours ago

  • Business Recorder

KSE-100 loses 562 points on profit-taking

After a positive start, profit-taking returned to the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index closing the day lower by 562 points. The stock market opened on a positive note, taking the KSE-100 to an intra-day high of 139,867.82. However, selling pressure soon emerged, pushing the index to an intra-day low of 138,614.10. At close, the benchmark index settled at 138,692.67, down by 561.69 points or 0.40%. 'After a strong rally in recent sessions, the local bourse took a step back today as investors opted to lock in gains ahead of the final days of the rollover week,' brokerage house Topline Securities said in its post-market report. 'The session was marked by a tug-of-war between bullish sentiment and rollover-induced caution, with market participants leaning toward profit-booking. As rollover pressure mounts, choppy movements are likely to persist, with selective interest expected to dictate near-term direction.' Key drags on the index included FFC, HBL, ENGROH, MARI, and EFERT, collectively pulling the index down by 506 points. On the flip side, HUBC, MCB, and SYS lent some support, adding a combined 204 points, Topline said. On Wednesday, PSX came under mild pressure as investors opted for profit-taking. Investors appeared to reassess the sustainability of the recent bullish momentum, leading to a measured pullback in key sectors. The KSE-100 Index shed 165.26 points or 0.12%, settling at 139,254.36 points. Globally, shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher-yielding assets. Tokyo's broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the US stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the 'Magnificent Seven' earnings season. The US has also reached deals with the Philippines and Indonesia, and an agreement with the European Union is also expected. The EU and US are closing in on a trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said US and Chinese officials will meet in Stockholm next week. Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI). Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan's Topix surged for a second day, rising 1.4% to surpass its previous all-time high reached last year. Meanwhile, the Pakistani rupee strengthened against the US dollar, appreciating 0.19% in the inter-bank market on Thursday. At close, the currency settled at 284.22, a gain of Re0.54. Volume on the all-share index decreased to 648.80 million from 656.64 million recorded in the previous close. The value of shares declined to Rs28.12 billion from Rs32.09 billion in the previous session. was the volume leader with 113.03 million shares, followed by Media Times Ltd with 37.11 million shares, and WorldCall Telecom with 28.18 million shares. Shares of 484 companies were traded on Thursday, of which 182 registered an increase, 273 recorded a fall, while 29 remained unchanged.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store