Press release, PKR 4.76 billion 10-Year Islamic Syndicated Financing for Air Link Communication Limited and Select Technologies Limited

A consortium of banks, managed by The Bank of Punjab, together with InfraZamin Pakistan Limited, today announced the successful financial close of a PKR 4.76 billion 10-year Islamic Syndicated Term Finance Facility for Air Link Communication Limited and Select Technologies Limited. The financing consortium comprises Askari Bank Limited, The Bank of Punjab, BankIslami Pakistan Limited, and Pak China Investment Company Limited, acting as Mandated Lead Advisors and Arrangers (MLAAs), while Infra Zamin Pakistan Limited is providing a credit guarantee of PKR 3.57 billion that has enabled a 10-year financing solution for the project. The financing will support the expansion of state-of-the-art manufacturing facilities at the Sundar Green Special Economic Zone, strengthening Pakistan’s local manufacturing of smartphones, consumer electronics, and home appliances, and advancing the country’s industrialization and import substitution agenda.

In the transaction, The Bank of Punjab acted as the Intercreditor Agent, Investment Agent, Security Agent, Account Bank, and Shariah Advisor, while the MLAA syndicate of Askari Bank, BankIslami Pakistan, and Pak China Investment Company played a pivotal role in the successful closure of the transaction alongside The Bank of Punjab. InfraZamin Pakistan Limited acted as the Guarantor, providing credit guarantees on behalf of Air Link Communication Limited and Select Technologies Limited. This credit enhancement enabled an unprecedented extended financing tenor for the companies and optimized pricing.

The financing will enable the establishment of state-of-the-art manufacturing facilities at the Sundar Green Special Economic Zone, where both companies will expand local production of home appliances, consumer electronics, and smartphones. The project supports Pakistan’s industrialization and import substitution agenda. A 1 MW solar power plant is also envisaged to reduce carbon emissions by an estimated 700 tonnes annually, lowering operating costs and encouraging a climate-friendly energy mix.

The investment is projected to manufacture over one million affordable smartphones annually, improving digital access and internet connectivity. The project is also expected to create approximately 450 direct jobs within five years of construction, with 25%–30% of these positions reserved for women, contributing to greater female participation in Pakistan’s manufacturing sector.

Air Link Communication Limited is a prominent player in Pakistan’s technology and consumer appliances sector, with expertise in distributing, retailing, and manufacturing mobile phones and other electronic products. The Company has partnered with leading global brands, including Samsung, Apple (authorized reseller), Xiaomi, Techno, Itel, Acer, and iMiki.

Its wholly owned subsidiary, Select Technologies Limited, specializes in the local manufacturing of smartphones and consumer appliance products. Select has the distinction of partnering with two leading global brands, Xiaomi and Hisense, to manufacture Xiaomi’s smartphones and LED televisions, and Hisense’s air conditioners and LED televisions. The transaction follows Select Technologies’ successful Initial Public Offering (IPO), underscoring strong investor confidence in Pakistan’s consumer electronics manufacturing sector.

Commenting on the transaction, Muzzaffar Hayat Piracha, Chief Executive Officer of Air Link Communication Limited, said: Airlink and Select Technologies are working to advance the ‘Made in Pakistan’ agenda. The ten-year financing facility, backed by an InfraZamin credit guarantee, will play a pivotal role in driving innovation, introducing more products, and, above all, creating direct and indirect job opportunities for Pakistan’s youth, especially women. We are thankful to InfraZamin, Bank of Punjab, which served as the Lead Advisor on this transaction, and to the syndicate members comprising Bank of Punjab, BankIslami, Askari Bank, and Pak China Investment Company for their trust and support.

Commenting on the transaction, Maheen Rahman, Chief Executive Officer of InfraZamin Pakistan Limited, said: We are pleased to partner with Airlink and Select Technologies to support their expansion plans to enhance local manufacturing of digital and electronic equipment. The facility will expand jobs, enhance digital inclusion and create potential for export. We are grateful to our financing partners the Bank of Punjab, Askari Bank, BankIslami, and Pak China Investment Company in their support of this landmark investment. Together, we are enabling the expansion of local manufacturing, creating quality employment, advancing digital inclusion, and contributing to a more resilient and sustainable economy.

Commenting on the transaction, Muhammad Mateen Farooq, Head – Investment Banking at The Bank of Punjab, said: The successful completion of this transaction marks an important milestone for all stakeholders and demonstrates the value of collaboration among financial institutions, advisors, and industry partners in delivering innovative financing solutions. I would like to extend my sincere appreciation to Air Link Communication Limited, Select Technologies Limited, the participating MLAAs, and InfraZamin Pakistan Limited. This transaction will support the establishment of a state-of-the-art manufacturing facility that is expected to strengthen Pakistan’s consumer electronics manufacturing ecosystem and enhance access to locally manufactured products. This financing establishes a new benchmark for the sector and showcases how credit enhancement structures can facilitate long-term capital for strategic industrial investments.

Commenting on the transaction, Syed Muhammad Danial Shah, Head – Investment Banking at Askari Bank Limited, said: This transaction reflects the growing role of blended finance in supporting strategic industrial investments through the mobilization of long-term private capital. The credit enhancement provided through InfraZamin Pakistan’s guarantee was instrumental in strengthening the transaction’s credit profile, enabling the participating financial institutions to mobilize long-term capital under a blended finance structure. It highlights the effectiveness of innovative risk-sharing mechanisms and strategic partnerships between commercial banks and development finance institutions in unlocking private sector investment and advancing sustainable economic development. At Askari Bank, we remain committed to delivering innovative and sustainable financing solutions that address our clients’ long-term investment requirements while contributing to industrial growth, economic resilience, and financial sector development. We are committed to working alongside participating financial institutions and InfraZamin Pakistan in structuring a landmark financing solution that demonstrates the growing potential of blended finance as a catalyst for private capital mobilization and sustainable development in Pakistan.

Commenting on the transaction, Khurrum Nadeem, Head – Investment Banking, Pak China Investment Company Limited, said: We are proud to support Airlink Group’s expansion, aimed at strengthening local manufacturing, creating employment opportunities and facilitating technology transfer through partnerships with leading Chinese manufacturers. InfraZamin’s guarantee has played a commendable role in enabling private sector financing and supporting Pakistan’s industrial growth.

Commenting on the transaction, Syed Ali Hasham, Head – Investment Banking Group, Bankislami Pakistan Limited, said: This landmark transaction demonstrates the power of Shariah-compliant innovation in mobilizing long-term capital for strategic industrial investments. As a Mandated Lead Arranger, BankIslami is proud to contribute to assist in structuring this facility alongside with Bank of Punjab in full alignment with Islamic principles, while enabling Airlink and Select Technologies to expand local manufacturing, create employment opportunities, and advance technology transfer. The InfraZamin’s guarantee has been instrumental in extending financing tenors under a blended finance framework, ensuring that this transaction sets a new benchmark for Islamic syndicated financing in Pakistan. BankIslami remains committed to pioneering innovative Islamic financing solutions that strengthen Pakistan’s industrial base, foster resilience, and drive sustainable economic development.

The transaction further reinforces the MLAA consortium’s and InfraZamin’s commitment to mobilizing private capital for investments that accelerate sustainable economic growth and strengthen Pakistan’s productive sectors. It also reflects The Bank of Punjab’s continued leadership in structuring and closing complex syndicated financing transactions for Pakistan’s industrial and manufacturing sectors.