Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the Rating of K-Electric | PPSTS-11 | PKR 5bln | Oct-22 | Redeemed
Issuer | K-Electric Limited |
Instrument | Privately Place Short Term Sukuk |
Amount | PKR 5000 mln |
Issuance Date | 26-Oct-22 |
Tenor | 0.5 Years |
Redemption Date | 26-Apr-23 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (26-May-23 ) |
Previous (08-Dec-22 ) |
|
Action | Redeem | Initial |
Long Term | - | AA |
Short Term | - | A1+ |
Outlook | Stable | |
Rating Watch | - | - |
K-Electric Limited (the "Company") issued a rated, Privately Placed Privately Placed K-Electric | PPSTS-11 | PKR 5bln | Oct-22 of PKR 5,000mln on 26-Oct-22. The tenor of the instrument was 6 months and carried a profit rate of 6MK+145bps. 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 26-Apr-23. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of K-Electric | PPSTS-11 | PKR 5bln | Oct-22.
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About
the Entity
K-Electric, a vertically-integrated power utility, has been in operations for more than a century.Total installed capacity of K-Electric is 2,817MW, having an arrangement under a power purchase agreement for 1,650+ MW. At the end-jun22, KES Power Limited (KESP) held 66.4% share in KElectric, while Government of Pakistan owned 24.4%. KES Power has entered into a share purchase agreement with Shanghai Electric Power Company Limited (SEP) for sale of up to 66.4% shares of K-Electric. The transaction is in process and will close once customary closing conditions and requisite regulatory approvals are obtained. K-Electric has ten member board. Mr.Moonis Alvi, CEO is associated with the company since 2008. He is supported by an experienced team.