Karachi, Pakistan — InfraZamin Pakistan and Sunridge Foods Limited, a subsidiary of Unity Foods Limited, have announced a strategic partnership to launch a PKR 2 billion Agri-Infrastructure Sukuk. This Shariah-compliant financing instrument, backed by InfraZamin’s AAA-rated guarantee, will support Sunridge Foods’ efforts to enhance production capacity and adopt sustainable energy solutions.
The proceeds from this fully principal-protected Sukuk will fund Sunridge Foods’ Balancing, Modernization, and Replacement (BMR) initiatives. These initiatives include the installation of 1 MW wind turbines and a 0.5 MW solar plant, aimed at supporting Sunridge’s renewable energy goals, along with the construction of new silos and warehouses to boost agri-produce storage capacity. The funds will also help Sunridge manage working capital for its wheat and rice processing facilities in Karachi and Lahore, bolstering production of staple food items to meet rising demand.
Maheen Rahman, CEO of InfraZamin Pakistan, highlighted the impact of the transaction: “This collaboration underscores InfraZamin’s commitment to developing Pakistan’s agricultural sector. By offering a 100% principal credit guarantee, we’re enhancing access to capital markets and promoting sustainability through green energy initiatives and food security.”
Farrukh Amin, CEO of Unity Foods, expressed his enthusiasm, stating, “Our partnership with InfraZamin and the launch of Sunridge’s first Agri-Infrastructure Sukuk mark a transformative milestone for Unity Foods. This investment allows us to upgrade our facilities with advanced renewable energy solutions, enhancing our ability to meet the growing demand for our products. It’s a critical step toward operational efficiency and aligns with our commitment to achieving Net Zero by 2050.”
The issuance of this Agri-Infrastructure Sukuk is expected to strengthen Pakistan’s agricultural landscape while driving long-term environmental and food security benefits. Approval from the Securities and Exchange Commission of Pakistan (SECP) and completion of transaction-related conditions by Sunridge Foods remain pending.
