LAHORE: BMA Capital Management (BMA Capital) has joined hands with Pakistan Mortgage Refinance Corporation (PMRC) in raising funds for the housing market of Pakistan.
To support its mission BMA Capital is acting as Sole Financial Consultant to PMRC for the issuance of rated, secured, technically listed, 3-year Sukuk of PKR2,000 million – with a green shoe option of PKR1,500 million.
“The issue is unique as it offers a fixed lucrative pre-tax yield of 10.25 percent per annum” stated Saad Hashemy, Executive Director of BMA. This issue will have a tax break from full and final tax of 25 percent applicable to conventional Sukuks due to PMRC’s tax exempt status till 2023, under the tax rules.
“PMRC is pleased to be working with BMA Capital on this pivotal transaction that will pave the way for raising further funds in the near future to support the country’s housing sector” stated Farrukh Zaheer, PMRC’s Head of Capital Markets.