Karachi June 15 2022: Government of Pakistan has decided to make addition of new asset in the Transaction Structure of this GOP Ijara Sukuk (GIS) according to circular issued by State Bank of Pakistan.
Islamabad International Airport is identified as a New Asset, that can be added at the time of re-opening of Sukuk.
The provision of the Transaction structure also states that at the time of reopening, additional undivided share of New Assets may be purchased (individually or jointly) and added to the Sukuk Asset(s) from time to time by way of single or multiple reopening transactions in line with the approved mechanism.
As per the provision of the Transaction Structure, assets of Allama Iqbal International Airport and Multan International Airport, already mentioned in the sukuk structure, can be used for fresh issuance as well as for re-opening of the Sukuk.
Subsequent to the addition of New Asset(s) and execution of Asset Commingling Declaration, the Sukuk Assets would include Allama Iqbal International Airport, Multan International Airport and Islamabad International Airport.
In light of the above, in case of future re-openings on the above assets the Title Agent would also be Civil Aviation Authority who is the Title Agent in case of initial issuances as well. In order to reflect the above changes, related Schedule of Sukuk legal documentations will be updated accordingly.
