- July 13, 2026
- Posted by: Tresmark
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Hi-Tech Lubricants Limited (HTL) has approved a corporate restructuring plan alongside the issuance of a PKR 1 billion short term Sukuk facility, according to a notification submitted to the Pakistan Stock Exchange (PSX).
As part of the restructuring, HTL will separate its polymer business from its subsidiary, Hi-Tech Blending (Private) Limited (HTBL), and transfer it to a newly established direct subsidiary, subject to regulatory approval. The move is aimed at streamlining operations and enhancing the company's corporate structure.
HTBL will also increase its authorized share capital from PKR 1.5 billion to PKR 3.0 billion through the capitalization of accumulated profits under a Scheme of Business Rearrangements. Riaz Ahmad & Company has been appointed as the auditor for the restructuring process, while Imtiaz Siddiqui & Associates will serve as advisors.
Separately, the board approved the issuance of a rated, secured, privately placed short term Sukuk of up to PKR 1 billion to support the company's working capital requirements.
The Sukuk will be structured under Sharia compliant Musharakah (Shirkat-ul-Aqd) principles, with Arif Habib Limited appointed as the financial advisor and arranger.
The facility will have a tenure of up to nine months, with a bullet repayment at maturity. The profit rate will be based on either 6 or 9 month KIBOR plus a market based spread, which will be finalized before issuance.
HTL said implementation of both the corporate restructuring and Sukuk transaction will begin immediately under the authority delegated to the company's management.
