NRL Enters Pakistan’s Capital Market Debt Segment
National Refinery Limited has raised Rs. 10 billion through its first-ever Sukuk issuance.
The transaction marks NRL’s debut in Pakistan’s capital market debt segment. The company disclosed the development in a notice submitted to the Pakistan Stock Exchange.
NRL issued a rated, unsecured and privately placed short-term Sukuk. The financing instrument carries a six-month maturity period.
Sukuk to Support Working Capital Needs
The Sukuk is priced at three-month KIBOR minus 10 basis points per annum. PACRA has assigned the instrument an A1 rating.
National Refinery said the funds will support its working capital requirements. The Sukuk also provides the company with an alternative source of financing.
This is NRL’s first debt instrument issued through the capital market.
National Refinery Expands Financing Options
National Refinery was established in 1963 and remains one of Pakistan’s oldest oil refineries.
The Karachi-based company has been part of the Attock Group since its privatization in 2005.
NRL operates Pakistan’s only lube oil refinery. It is also one of the country’s largest refining and petrochemical complexes.
The company produces fuels, lubricants, asphalt and petrochemical products for the domestic market.
