In a historic move for Pakistan’s financial sector, United Bank Limited (UBL) and Meezan Bank have successfully orchestrated the country’s largest-ever private sector syndicated Islamic financing project, valued at Rs133 billion.
The Deal at a Glance
UBL served as a Mandated Lead Advisor and Arranger for this massive Shariah-compliant facility. Beyond the advisory role, UBL is also functioning as the Facility Agent, Security Agent, and Accounts Bank for the transaction.
The financing was granted to Deodar (Private) Limited and Engro Connect (Private) Limited to facilitate a major strategic shift in Pakistan’s telecommunications infrastructure.
Key Objectives of the Financing
The primary purpose of this multi-billion rupee deal is to support the Engro Group in its acquisition of Deodar from Pakistan Mobile Communications Limited (PMCL).
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Infrastructure Growth: With the acquisition of 10,617 cellular towers, Deodar has officially emerged as the largest independent "TowerCo" (Tower Company) in Pakistan.
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Operational Support: Funds will cover post-acquisition working capital and scheduled payments to PMCL under the established Scheme of Arrangement.
A High-Profile Celebration
The completion of this landmark transaction was celebrated at the TDF MagnifiScience Centre in Karachi. The event was attended by top-tier leadership, including:
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Jameel Ahmad, Governor of the State Bank of Pakistan.
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Hussain Dawood, Chairman of Engro Holdings.
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Muhammad Jawaid Iqbal, President & CEO of UBL.
"This financing reflects the trust placed in UBL to lead complex, high-impact transactions," stated Muhammad Jawaid Iqbal. He emphasized that the partnership with Engro Group highlights a shared commitment to Shariah-compliant solutions that bolster Pakistan’s national infrastructure and economic stability.
