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KARACHI, Sep 23 (APP):Burj Modaraba Management Company (BMMC) has received approval from the Pakistan Stock Exchange (PSX) for listing Burj Clean Energy Modaraba (BCEM) on the Growth Enterprise Market (GEM), Pakistan’s First Green Energy Fund.
This approval is a big step for Pakistan’s Capital Markets, BMMC’s ability to access direct investments through the Stock Exchange for sustainable energy investments will lead the way for clean energy project developers and investors to come together through BCEM.
According to press release issued by BURJ Clean Energy Modaraba Company, The Initial Offering (IO) of Burj Clean Energy Modaraba (BCEM) will take place on the 25th and 26th of September 2024, marking the official launch of this groundbreaking fund.
The offering will consist of 10%, amounting to PKR 100 million out of a total issue size of PKR 1 billion. BCEM/ Green Energy Fund is Pakistan’s first renewable energy investment fund to be listed on the GEM Board.
This move highlights BMMC’s commitment to offering profitable, Shariah-compliant investment opportunities through capital markets while advancing the growth of renewable energy projects across Pakistan.
The approval from PSX for GEMS listing is a first step to attracting investment in the renewable energy sector through capital markets.