The Pakistan Credit Rating Agency Limited
03-Aug-23
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
- Methodology | Independent Power Producer Rating | Jun-22
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA withdraws the Rating of Lucky Electric Power Company Limited | PPSTS-6 | PKR 4bln | Dec-22 | Redeemed
| Issuer | Lucky Electric Power Company Limited |
| Instrument | PPSTS-6 |
| Amount | PKR 4000 mln |
| Issuance Date | 14-Dec-23 |
| Tenor | 0.5 Years |
| Redemption Date | 14-Jun-23 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (03-Aug-23 ) |
Previous (02-Feb-23 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Lucky Electric Power Company Limited issued a rated, Privately Placed Privately Placed Sukuk (PPSTS-6) of PKR 4,000mln on 14-Dec-22 to finance the Company’s working capital requirements. The tenor of the instrument was 6 months and carried a profit rate of 6MK+150bps. The instrument has been repaid, hence redeemed. The Company has paid in full, all markup and outstanding principal amount.
The Sukuk has been redeemed on 14-Jun-23. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Lucky Electric Power Company Limited | PPSTS-6 | PKR 4bln | Dec-22.
About
the Entity
LEPCL, incorporated in Pakistan on June 13, 2014 as public unlisted company at Port Qasim,Karachi, Sindh. Lucky Cement Limited owns 100% shareholding of LEPCL. Lucky CementLimited stands as the flagship company of Yunus Brothers Group. The Company’s board comprisesseven directors, including CEO, all the board members represent Lucky Cement. Mr. MuhammadAli Tabba, the Chairman, has been associated with the Group in different capacities for nearly threedecades and is currently chairing the Board with his visionary leadership and vast experience.