InfraZamin-Guaranteed, Bank of Punjab-Led Consortium Announce Financial Close of 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.

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