ISLAMABAD: Federal Minister for Power Sardar Awais Ahmad Khan Leghari has commended the Board of Directors of Power Holding Limited (PHL) on the completion of a Rs659.6 billion debt retirement.
In a letter to the Chairman of the PHL Board, Dr Fahre Alam Irfan who is also Secretary Power Division, the Power Minister said it gave him great pleasure to formally acknowledge and commend Power Holding Limited for the historic retirement of Rs659.6 billion in legacy liabilities—describing it as a milestone achievement for Pakistan’s energy and fiscal sectors.
The unprecedented transaction comprised (i) redemption of Rs399.6 billion under Pakistan Energy Sukuk (PES) I and II, executed through the capital market as an off-market transaction—the largest financing operation ever completed in Pakistan—and (ii) settlement of Rs259.7 billion in various syndicated financing facilities.
“The successful completion of this operation demonstrates exceptional institutional capability, strengthens confidence in Pakistan’s ongoing reform trajectory, and showcases the resilience of our capital and Islamic finance ecosystem,” the minister added.
Leghari noted that the achievement also marked the fulfilment of a key component of the Rs1.225 trillion Circular Debt Reduction Plan. He recalled that the Federal Cabinet had approved the term sheet on June 18, 2025, while the financing agreement was conclusively signed on October 3, 2025.
“As of today, the PHL loan stands fully retired, enabling the government to unlock meaningful fiscal space for public sector development,” he said.
In recognition of the Board’s contribution, the minister recommended that the Board consider granting an honorarium to the PHL team that played a central role in achieving this historic milestone.
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