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The Pakistan Credit Rating Agency Limited
Press Release
Date
17-Mar-23

Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com

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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 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 Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pak Elektron Limited I PPCP I 1.2bln.
.

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.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.