Panther Tyres Limited has raised Rs2 billion through the issuance of a privately placed, rated, and secured short-term Sukuk, according to a disclosure filed with the Pakistan Stock Exchange (PSX).
In its notice to the bourse, the company confirmed that it successfully issued short-term Sukuk certificates amounting to Rs2,000,000,000. The Sukuk carries a tenor of six months and is priced at the six-month KIBOR plus 0.50 percent.
The issue has been assigned an A-1 credit rating by the Pakistan Credit Rating Agency (PACRA), reflecting the company’s strong short-term credit profile.
The proceeds from the Sukuk will be used to meet Panther Tyres’ working capital requirements. The company said the transaction has strengthened its liquidity position and demonstrates continued confidence from institutional investors in its financial standing and governance framework.
Panther Tyres added that the issuance is in line with its strategy to diversify funding sources through Shariah-compliant instruments, supporting its long-term objective of operating as a Shariah-compliant company.