MTC Engaged for PKR 15 Billion Sukuk Issue of Pakistan Mobile Communications Limited (Jazz)

Mohsin Tayebaly & Co. was appointed as the transaction legal counsel with respect to the first issuance of the ground-breaking rated, unsecured, privately placed, short-term, Shariah Compliant Sukuk Certificates by Pakistan Mobile Communications Limited (operating under the brand name of “Jazz”) in the aggregate amount of PKR 15,000,000,000/- (Pak Rupees Fifteen Billion), marking a historic milestone as the largest short-term Sukuk placed in the non-bank market, the first short-term Sukuk in the cellular operator segment and the single largest short-term Sukuk in the telecom sector, for which purpose Pak Oman Investment Company Limited was appointed as the Issue Agent and the Investment Agent.

With an oversubscription of 2x raised solely through the non-bank market, this Sukuk will pave the way to an entirely new funding avenue for Jazz for its digital revolution, fueling transformative advancements in the sector and shaping the future of communication.

MTC’s team in this matter was led by Vaseeq Khalid (Partner) and included Laraib Saba Turk (Senior Associate) and Yawar Burki (Associate).