October 10, 2024

PSX marks listing of Burj Clean Energy Modaraba with a gong ceremony

Pakistan Stock Exchange (PSX) held a gong ceremony to celebrate the listing of Burj Clean Energy Modaraba (“Burj Modaraba”) on the GEM Board of PSX. It is the first Shariah compliant green energy fund to be listed on the Stock Exchange. The gong ceremony included speeches by Mr. Nadeem Naqvi, Acting CEO, PSX who welcomed the guests, as well as by Mr. Muneer Kamal, Chairman Burj Clean Energy Modaraba, and by Mr. Saad Zaman, Sponsor Director of Burj Clean Energy Modaraba. The gong was struck by Mr. Muneer Kamal, Chairman, Burj Modaraba; Mr. Saad Zaman, Sponsor Director, Burj Modaraba; other Director(s) and top management of Burj Modaraba, amidst the presence of Mr. Shahid Ali Habib, CEO of Arif Habib Limited (Advisor to the Issue); Mr. Nadeem Naqvi, Acting CEO of Pakistan Stock Exchange, and senior management of PSX. The gong ceremony was concluded with the distribution of tombstones to the representatives of the participating institutions in the listing of Burj Clean Energy Modaraba. The successful Initial Offering of the Modaraba raised capital to procure and install Solar Power solutions for Residential clients up to a total capacity of 700 KWp within 6 months of business commencement. The average capacity per residential site is assumed to be 9.86 KWp, resulting in a total of 71 sites for the installation of the entire 700 KWp capacity.