Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the Rating of Pak Elektron Limited I PPCP I 1.2bln I Redeemed
Issuer | Pak Elektron Limited |
Instrument | PPCP |
Amount | PKR 1200 mln |
Issuance Date | 01-Feb-22 |
Tenor | 0.8 Years |
Redemption Date | 29-Oct-22 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (17-Mar-23 ) |
Previous (16-Mar-22 ) |
|
Action | Redeem | Initial |
Long Term | - | A+ |
Short Term | - | A1 |
Outlook | Stable | |
Rating Watch | - | - |
Pak Elektron Limited (PEL) issued a rated, commercial paper (PPCP) of PKR 1,200mln in Feb 2022. The tenor of the instrument was 9 months and carried a profit rate of 9MK+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 Oct 29, 2022. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pak Elektron Limited I PPCP I 1.2bln.
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About
the Entity
PEL, incorporated in 1956, is a listed public limited company. It is principally engaged in the manufacturing and sale of electrical capital goods and domestic appliances. Saigol Group owns shareholding in the Company (29.36%) through family members. Other interests of the group include power, textile, and real estate. Mr. Naseem Saigol is the Chairman of the seven-member Board. Saigol family has a prominent presence on Board. Mr. Murad Saigol, the CEO, monitors all the strategic and operational affairs of the Company. He is supported by experienced management.