Karachi June 16 2022: Lucky Electric Power Company Limited is in a process to issue another rated, privately placed, unsecured, short-term Sukuk of PKR 7,000 million.
The tenor of the instrument will be 6 months. Issue proceeds will be utilized by the Company to meet its working capital requirements. The instrument will have a profit rate of 6 month Kibor+120bps. Profit and principal will be realized at a time of maturity.
The Company has procured short term financing facilities aggregating to PKR 42 billion, Including debt instruments amounting PKR 25 billion, for the operational needs.
Lucky Electric Power Company Limited (Lucky Electric or The Company) has set up a 1x660MW (gross) coal fired power plant. The project achieved COD in March-22 and is successfully connected to and providing electricity to the grid.
The primary fuel is Coal; a coal supply agreement is signed with Sindh Engro Coal Mining Company (SECMC), SECMC will provide the coal from its developing Block-II (Phase III). The Company has also signed imported coal supply agreement with reputable coal suppliers. Currently, plant is generating electricity through imported coal and maintained by O&M contractor – KEPCO. Going forward, the Company’s main focus would be to keep the plant operational.
Lucky Electric Power Company Limited
Lucky Electric Power Company Limited, incorporated in Pakistan on June 13, 2014 as public unlisted company at Port Qasim, Karachi, Sindh. Lucky Cement Limited owns 100% shareholding of Lucky Electric Power Company Limited. Lucky Cement Limited stands as the flagship company of Yunus Brothers Group. The Company’s board comprises of seven directors, including CEO, all the board members represent Lucky Cement.
