Burj Clean Energy Modaraba Listed on PSX with Gong Ceremony

KARACHI - The Pakistan Stock Exchange (PSX) recently celebrated a significant milestone with a gong ceremony to mark the listing of Burj Clean Energy Modaraba (Burj Modaraba). This event is particularly noteworthy as Burj Modaraba is the first green energy fund in Pakistan that adheres to Shariah principles, making its debut on the Growth Enterprise Market (GEM) Board of PSX.

The ceremony was graced by prominent figures including Muneer Kamal, Chairman of Burj Modaraba, and Saad Zaman, Sponsor Director of Burj Modaraba. They were joined by other directors and top management of Burj Modaraba, alongside Shahid Ali Habib, CEO of Arif Habib Limited, and Nadeem Naqvi, acting CEO of Pakistan Stock Exchange. The event underscored the importance of sustainable energy investments in Pakistan's capital markets.

Burj Modaraba aims to bridge the gap between clean energy project developers and investors, promoting renewable energy initiatives across the country. Esteemed partners such as Meezan Bank Limited, Habib Bank Limited, and Arif Habib Corporation Limited support this venture, all committed to advancing the use of renewable energy in Pakistan.

With a diversified portfolio that includes solar, wind, energy storage, and energy efficiency solutions, Burj Modaraba is well-positioned to meet the increasing demand for clean energy. The fund's objective is to reduce Pakistan's reliance on conventional fuel sources and alleviate the financial burden of high electricity costs on consumers, all while adhering to the highest standards of Environmental, Social, and Governance (ESG) principles.

During the Initial Offering, Burj Clean Energy Modaraba offered 10,000,000 certificates to investors, receiving applications for a total of 10,244,000 certificates. The entire issue was made available through a Fixed Price Mechanism at a price of Rs 10 per certificate, raising a total of Rs 102,440,000, exceeding the initial target of Rs 100,000,000. This capital will be utilized to procure and install solar power solutions for residential clients, with a total capacity of 700 KWp within six months of business commencement.

Nadeem Naqvi, acting CEO of Pakistan Stock Exchange, welcomed the guests at the ceremony, stating, "It is an honour for me to welcome you all at the listing of Burj Clean Energy Modaraba. It is a first of its kind of opportunity for Pakistani shareholders. Globally, solar is now a leading energy source, and it will become even more so in the near future." He emphasized the growing demand for solar energy and the institutionalized approach that Burj Modaraba represents.

Muneer Kamal, Chairman of Burj Clean Energy Modaraba, expressed his vision for the company, stating, "Burj Clean Energy Modaraba is set to transform Pakistan’s energy market. We are not just a financial entity; we are a catalyst for holistic energy solutions, positioning ourselves as leaders in energy as a service." Saad Zaman added that the company is committed to offering comprehensive energy solutions that disrupt the market.

Shahid Ali Habib, CEO of Arif Habib Limited, highlighted the strong response to Burj Clean Energy Modaraba’s Initial Offering, noting its pivotal role in Pakistan’s renewable energy sector. He remarked, "The offering marks a significant milestone, launching the company’s renewable energy initiatives. The transaction enables a smooth entry into Pakistan’s expanding energy market, offering Shariah-compliant, diversified energy solutions."

The listing of Burj Clean Energy Modaraba on the PSX is not just a financial event; it represents a step towards a more sustainable future for Pakistan. As the country grapples with energy challenges, initiatives like Burj Modaraba pave the way for innovative solutions that can benefit both investors and consumers alike. The commitment to renewable energy and Shariah compliance makes this venture a promising opportunity for those looking to invest in a greener future.