MTC Engaged For PKR 7 Billion Islamic Finance Facility Being Availed By Pakistan Telecommunication Company Limited

Mohsin Tayebaly & Co. had been engaged as transaction legal counsel with respect to the to the Islamic finance facility through Shariah compliant mode of financing based on diminishing Musharaka to the extent of up to PKR 7,000,000,000/- (Pak Rupees Seven Billion), being availed by Pakistan Telecommunication Company Limited from Faysal Bank Limited and MCB Islamic Bank Limited for the purposes of which Faysal Bank Limited has been appointed as the investment agent.

The proceeds of the facility are intended to be utilized for the purposes of providing a subordinated loan to Pakistan Telecom Mobile Limited (Ufone) and /or to meet the financing requirements for the on-going capex of PTCL.

The Firm’s scope of work included full scope financier-side advisory.

MTC’s team in this matter was led by Vaseeq Khalid (Partner) and included Kamil Tayebaly (Associate) and Salal Malik (Associate).