KARACHI: A ringing ceremony was held at the Pakistan Stock Exchange (PSX) on the occasion of the listing of Burj Clean Energy Mudaraba (“Burj Mudaraba”). Mudaraba Tower is the first Sharia-compliant green energy fund to be publicly listed on PSX’s Growth Enterprise Market (GEM) board, a press release said.
The bell was rung by Mounir Kamal, Chairman of the Board of Directors of Mudaraba Tower; Saad Zaman, Sponsor Manager, Al Mudaraba Tower; Other members of the Board of Directors and senior management of Mudaraba Tower, in the presence of Shahid Ali Habib, CEO of Arif Habib Limited (Issuance Advisor); Nadeem Naqvi, Acting CEO of Pakistan Stock Exchange and PSX senior management.
The listing of Mudaraba Tower represents a pivotal moment for Pakistani capital markets and sustainable energy investments. As Pakistan’s first green energy fund, Mudaraba Tower acts as a clean energy project bridge between developers and investors and promotes the growth of renewable energy initiatives across the country.
Mudaraba Tower is supported by distinguished partners and investors such as Meezan Bank Limited, Habib Bank Limited, and Arif Habib Limited, who are committed to promoting the use of renewable energy in Pakistan. AKD Securities is acting as underwriter, with Arif Habib Limited (AHL) as financial advisor and Usmani & Company Shariah Advisors (Pvt.) Limited as Shariah advisor.
With its diversified portfolio that aims to include solar, wind, energy storage and energy efficiency solutions, Mudaraba Tower is well positioned to meet the growing demand for clean energy in Pakistan. The fund aims to reduce the country’s dependence on traditional fuel sources and reduce the financial burden of high electricity costs on consumers, while adhering to the highest standards of environmental, social and governance (ESG) principles.
In the IPO of the Borg Clean Energy Mudaraba, the Mudaraba offered 10,000,000 certificates to investors, and applications for a total of 10,244,000 certificates were received. The entire issue was floated through a fixed price mechanism at Rs 10 per certificate. The amount to be raised was INR 100,000,000, but subscription amounting to INR 102,440,000 was received. The capital raised aims to purchase and install solar solutions for residential customers with a total capacity of up to 700 kW within 6 months of starting work. The average capacity per residential site is assumed to be 9.86 kWp, resulting in a total of 71 sites installing the full capacity of 700 kWp.
Welcoming the guests at the bell ceremony, Nadeem Naqvi, Acting CEO of Pakistan Stock Exchange, said: “It is an honor to welcome you all to the listing of Burj Clean Energy Mudaraba Company. It is the first opportunity of its kind for Pakistani shareholders. Globally, solar energy is now a leading energy source, and will become even more so in the near future. The cost of solar panels and solar power plants is falling sharply due to increasing demand being met through increased supplies. I believe that there can be no better and more appropriate time than now for such an investment for investors.
He also said: “There are many solar panel distributors and installers in the private sector, but nothing has been done in an institutional way. This partnership will give us a model that will grow on its own and will also attract a large number of new entrants to the market. One of the interesting factors about this fund is that it is compatible with Islamic Sharia. Thus, we have an efficient green energy product that is compatible with the provisions of Islamic Sharia. I think you can’t get the best of both worlds anywhere else. I look forward to seeing your growth be so fast that you will soon want to move to the main board as well. Thank you and congratulations to you and your team and the team of Arif Habib Limited, as well as the PSX team, who played an important role in this important listing of Burj Clean Energy Mudaraba on the GEM Board of Pakistan Stock Exchange.
Munir Kamal, Chairman of the Board of Directors of Burj Clean Energy Mudaraba, added in his speech during the ceremony: “Burj Clean Energy Mudaraba aims to transform the energy market in Pakistan. We are not just a financial entity; We are working to catalyze comprehensive energy solutions, positioning ourselves as leaders in the energy-as-a-service space. Our commitment to ESG-compliant financing promotes responsible energy practices.
Saad Zaman, managing director of Mudaraba Tower, said: “At Mudaraba Tower, we are more than just a power purchase agreement (PPA) provider. We are committed to providing comprehensive energy solutions that disrupt the market by delivering energy as a service. Our focus on green, ESG-compliant financing will enable renewable energy projects across Pakistan. We are also excited to bring cutting-edge energy storage technologies to the country, having already invested in Dubai. We are also committed to strengthening the e-mobility and electric vehicle sectors.”
Shahid Ali Habib, CEO of Arif Habib Limited (AHL), expressed his enthusiasm over the strong response to the Burj Clean Energy Mudaraba (IO) IPO. He highlighted the pivotal role played by Burj Clean Energy in the renewable energy sector in Pakistan, with a focus on solar, wind and energy efficiency solutions.
Expressing his opinion on the listing of Burj Clean Energy Company, Mudaraba, he said: “The offering represents an important milestone, as it launches the company’s initiatives in the field of renewable energy. This deal allows for smooth entry into the expanding energy market in Pakistan, as it provides diverse energy solutions compatible with… Shariah provisions. AHL is proud to have served as an advisor on this issuance, and we look forward to bringing more innovative companies to the Pakistan Stock Exchange.”
The ceremony concluded with the distribution of tombstones to representatives of institutions participating in the listing of Burj Clean Energy Mudaraba Company. Saad Zaman, sponsor manager of the Mudaraba Tower, presented the tombstones to Nadeem Naqvi, acting CEO of PSX; Fareed Alam, CEO of AKD Securities Limited (underwriter of the issue), Amer Ershad, Group Head, Corporate Commercial and Investment Banking (pre-IPO investor), and Mounir Kamal, Chairman of Burj Clean Energy Mudaraba, presented the tombstones to the Martyr Ali Habib. CEO Arif Habib Limited; Naseem Baig, CEO Arif Habib Consultants (Pvt) Limited, and Zia Al Hassan, Group CEO, Operations and Branch Banking, Meezan Bank Limited (pre-IPO investor and issue banker).
