Sukuk to Support Hospitality Sector | Hashoo Group Celebrates Its Successes
KARACHI: On 7th February, an event held at Pearl Continental (PC) Hotel, Karachi, where Hashoo Group announced the issuance of Rated, Secured, Long-Term, Privately Placed Sukuk of PKR 7 billion by Pakistan Services Limited (PSL).
The said Sukuk Issue is arranged by Elixir Securities Pakistan (Private) Limited and Faysal Bank Limited in their capacity as Mandated Lead Advisors and Arrangers and JS Bank Limited as the Lead Arranger. The Investors in PSL’s Sukuk are Faysal Bank, JS Bank, National Bank of Pakistan, Bank of Punjab, Allied Bank, Soneri Bank and Pak Iran Investment Company. The Transaction Legal Counsel is Mohsin Tayebaly & Co.
PSL intends to utilize the Sukuk funds towards construction and development of several hotels and resorts across Pakistan that are expected to open in 2018 and 2019. The company also plans to undertake routine refurbishments and capital expenditures encompassing balancing, modernization, and replacement across its existing portfolio of hotels and resorts.
Present at the event was Mr. Murtaza Hashwani, Deputy Chairman & CEO, along with senior representatives of Hashoo Group, Mr. Yousaf Hussain, President & CEO, Faysal Bank Limited, Mr. Fawaz Valiaani, CEO, Elixir Securities Pakistan (Private) Limited and Mr. Basir Shamsie, Deputy CEO JS Bank Limited, CEOs and Heads of Corporate and Investment Banking of all major banks and financial institutions, the Chairman, CEO and Deputy Managing Director of Pakistan Stock Exchange, the Transaction Legal Counsel and Sukuk Investors attended the ceremony.
Mr. Murtaza Hashwani, Deputy Chairman and CEO of Hashoo Group, said, “Over the past few years Pakistan’s hotel industry has been thriving at a great pace in parallel to growing business activity, particularly in relation to CPEC and improved law and order situation nation-wide. The successful launch of this Sukuk represents our commitment to Pakistan, we remain a Pakistani company developing infrastructure that supports the strategic vision of the Government, contributing to the national exchequer, and creating thousands of jobs”.
Mr. Murtaza Hashwani further added that “The spirit of business opportunity and optimism that Hashoo Group is known for, runs parallel to the Group’s commitment to Pakistan. Our main focus has always been, and will remain – the economic, socio-economic development, growth of the hospitality industry, inbound tourism and the business events & conferences market in Pakistan.
We are very positive about Pakistan’s future, and as one of the largest business groups in the country, we are optimistic about the future of Hashoo Group also”.
Hashoo Group is the owner of the Pearl Continental Hotels, Marriott Hotels Pakistan, and Hotel One brands. The group is currently undertaking a massive expansion plan and will soon be the only hotel chain with presence in all regions of Pakistan. Hashoo Group intends to open three new Pearl-Continental Hotels, three resorts, and is looking to launch at least 200 units of budget hotels in the next six to seven years.