SECP allows Engro Chemical to issue TFCs worth Rs 3bn
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KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has allowed the Engro-Polymer to issue Term Finance Certificates (TFCs) worth Rs 3 billion through Pakistan Stock Exchange (PSX), the official claimed here on Wednesday. These TFCs would be market through PSX.
The company had requested SECP for the permission of TFCs to raise fund from PSX.
The regulator has allowed the company to issue TFCs at 3% plus kibor rate for a period of three years and the Engro Polymer would distribute profit on quarterly basis. The investors would be authorized to encash the TFCs through cash or share on maturity, source confirmed.
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