MTC Engaged for Project Financing and Sukuk Issue Pertaining to PKR 69 Billion Public Private Partnership Project

Enertech Water (Private) Limited is undertaking the development of a 45 Cusec water supply project from Nabisar to Vajihar including two large water reservoirs and 65km pipeline in Thar, Sindh, structured under a public-private partnership (PPP) with the Government of Sindh, one of the largest PPP projects in Pakistan, for which the estimated cost is PKR 69,000,000,000/- (Pak Rupees Sixty Nine Billion).

Mohsin Tayebaly & Co.’s Lahore Office was engaged as the transaction legal counsel with respect to the syndicated local currency project financing facility based on an Islamic mode of financing, on behalf of various banks / financial institutions led by Meezan Bank Limited. This facility was to partially fund the pre-estimated project cost, to the extent of PKR 51,500,000,000/- (Pak Rupees Fifty One Billion Five Hundred Million).

MTC Lahore’s team in this matter was led by Salman Rahim (Partner) and included Hamza N. Shaikh (Associate Partner) and Haya Iftikhar (Senior Associate).

Mohsin Tayebaly & Co.’s Karachi Office was engaged as transaction legal counsel for the issuance of redeemable capital in the form of Shariah Compliant Sukuk Certificates by Enertech Water (Private) Limited in the aggregate face value of up to PKR 2,000,000,000/- (Pak Rupees Two Billion), to partially fund the pre-estimated project cost.

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