At-Tahur Limited (ATL) has approved the issuance of Islamic Sukuk III Certificates of up to Rs900 million to support its working capital requirements, according to a certified board resolution dated February 13, 2026. The move is aimed at strengthening the company’s short-term liquidity position while maintaining a structured and secured funding base.
The short-term Sukuk will be rated, listed, secured, and privately placed with Qualified Institutional Buyers. Structured as redeemable capital, the instrument will be offered through private placement. The total issue size includes a green shoe option of Rs200 million, allowing the company to increase the offering size depending on investor demand.
The Sukuk will carry a profit rate of three-month KIBOR plus 1.3% per annum, with the benchmark set as the three-month Karachi Inter Bank Offer Rate (KIBOR). The applicable rate will be determined on the last business day prior to the first disbursement and subsequently before each quarterly period. Profit payments will be made quarterly in arrears on the outstanding principal amount. The structure also includes a mechanism for replacing KIBOR in case the benchmark is discontinued or no longer reflects prevailing money market conditions.
Under the agreed terms, ATL will deposit principal and profit amounts into a designated Sukuk redemption account at least 15 days before each quarterly installment. The repayment schedule will run from April 1, 2026 to March 15, 2027, with staggered principal redemptions throughout the tenure.
From April 1 to June 30, 2026, the outstanding principal will remain at Rs900 million, with a rental payment of Rs26.52 million. Between July 1 and September 30, 2026, the principal will continue at Rs900 million, during which Rs200 million will be redeemed along with a rental payment of Rs26.81 million. From October 1 to December 31, 2026, the outstanding principal will decline to Rs700 million following a Rs300 million redemption, and the rental payment for the quarter will amount to Rs20.86 million. In the final phase, from January 1 to March 15, 2027, the principal will reduce to Rs400 million after a Rs400 million redemption, with a rental payment of Rs9.56 million.
The instrument will carry a ranking charge over current and biological assets amounting to Rs900 million with a 25% margin, providing secured exposure to investors. The minimum investment and face value have been set at Rs1,000,000 per certificate.
The Sukuk and the company have been rated by VIS Credit Rating Company. ATL holds a Long-Term Entity Rating of A- and a Short-Term Entity Rating of A2, while the Sukuk carries an Instrument Rating of A1, reflecting the issuer’s credit strength and the quality of the instrument.
The board resolution further authorizes Chief Financial Officer Humza Chaudhry to complete all necessary documentation and arrangements related to the transaction. The Islamic Sukuk III issuance is expected to reinforce ATL’s liquidity profile while offering institutional investors a secured and rated opportunity within Pakistan’s debt capital market.