The Government of Pakistan has decided to add new assets in the transaction structure of Government of Pakistan Ijarah Sukuk Issue. In this regard, Government has amended the Transaction Structure of the Ijarah Sukuk (GIS). The details of the Amendment is given below:

Following Assets have been added to the structure:

  1. M4 (Faisalabad – Multan),
  2. CPEC-WC (Hakla-D.I. Khan Motorway),
  3. M8 (Khuzdur-Shahdat Kot-Qubo Saeed Khan- Wangu Hill Motorway) and
  4. CPEC-NC (HaVilian-Thakot – Hazara Motorway)

The above mentioned Assets are under authority of NHA (National Highway Authority).

This Transaction structure helps issuance of Government of Pakistan (“GoP”) domestic Ijarah Sukuk Program where identified Underlying Assets become the Ijarah Assets. The revised documentation for this structure will include a Sukuk Subscription Undertaking, Sukuk Issuance Undertaking, Purchase Agreement, Title Agency Agreement, Agency Agreement, Ijarah Agreement, Service Agency Agreement, Purchase Undertaking, Cost Undertaking and Rules.

The amended Transaction Structure has also highlighted that re-opening of existing Ijarah Sukuk Issue can be done by purchasing additional undivided share of the assets already mentioned in the Sukuk structure namely

M-3 (Lahore – Abdul Hakeem Motorway),
M-5 (Punjab Portion) AND
M-5 (Sindh Portion

The complete document can be read here

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