Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
PACRA withdraws the Rating of Lucky Electric Power Company Limited | PPSTS-3 | PKR 5bln | Jul-22 | Redeemed
Issuer | Lucky Electric Power Company Limited |
Instrument | PPSTS-3 |
Amount | PKR 5000 mln |
Issuance Date | 07-Jul-22 |
Tenor | 0.6 Years |
Redemption Date | 09-Jan-23 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (01-Mar-23 ) |
Previous (06-Sep-22 ) |
|
Action | Redeem | Initial |
Long Term | - | AA |
Short Term | - | A1+ |
Outlook | Stable | |
Rating Watch | - | - |
Lucky Electric Power Company Limited issued a rated, privately placed, unsecured, short-term Sukuk (PPSTS-3) of PKR 5,000mln in July 2022. The tenor of the instrument was 6 months and carried a profit rate of 6MK+65bps. 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 Jan 09, 2023. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of rated, privately placed, unsecured, short-term Sukuk (PPSTS-3) of PKR 5,000mln.
About
the Entity
Lucky Electric Power Company Limited, incorporated in Pakistan on June 13, 2014 as public unlisted company at Port Qasim, Karachi, Sindh. Lucky Cement Limited owns 100% shareholding of Lucky Electric Power Company Limited. Lucky Cement Limited stands as the flagship company of Yunus Brothers Group. The Company’s board comprises of seven directors, including CEO, all the board members represent Lucky Cement. Mr. Muhammad Ali Tabba, the Chairman, has been associated with the Group in different capacities for nearly three decades and is currently chairing the Board with his visionary leadership and vast experience