InfraZamin is pleased to partner with Sundridge Foods Limited to launch a PKR 2 billion agri-infrastructure sukuk. Sunridge Foods Limited, a subsidiary of Unity Foods Limited, will issue this Shariah-compliant financing instrument. InfraZamin Pakistan, with a long-term credit rating of AAA, provides an additional layer of security for investors participating in the sukuk. The Sukuk will be fully principle protected with InfraZamin’s Guarantee.
The proceeds raised through the Sukuk will fund Sunridge Foods’ Foods’cing, Modernization, and Replacement (BMR) initiatives, which aim to modernize production facilities with sustainable, high-efficiency technologies. Notably, the BMR also includes the installation of 1 MW wind turbines and a 0.5 MW solar plant to support SunridSunridge’sable energy initiative and the construction of new silos and warehouses to increase agri-produce storage capacity significantly. The funds will also help working capital for key wheat and rice processing facilities in Karachi and Lahore, enabling increased production of staple food items.
Maheen Rahman, CEO of InfraZamin Pakistan, expressed, “This “transaction reflects InfraZInfraZamin’s commitment to support the development of Pakistan’s culture sector. By providing a 100% principal credit guarantee, we facilitate access to capital markets and foster sustainability through green energy initiatives and food security.”
Farr”kh Amin, CEO of Unity Foods, commented on the partnership, saying, “Our “collaboration with InfraZamin and the launch of SunridSunridge’s agriculture infrastructure Sukuk is a transformative step for Unity Foods. This investment paves the way for us to enhance our facilities with cutting-edge, renewable energy solutions, enabling us to meet the rising demand for our products. Its stride toward operational efficiency reflects our unwavering commitment to achieving Net Zero by 2050.”
The ” issuance of this Agri-Infrastructure Sukuk will strengthen the cultural landscape and drive long-term benefits for the environment and food security. The issuance of the Sukuk is subject to SECP approval and Sunridge Foods’ completion of all transaction-related conditions.
