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The Pakistan Credit Rating Agency Limited
Press Release

Date
22-May-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 Lucky Electric Power Company Limited | PPCP-2 | PKR 6bln | Nov-22 | Redeemed

Issuer Lucky Electric Power Company Limited
Instrument PPCP
Amount PKR 6000 mln
Issuance Date 01-Nov-22
Tenor 0.5 Years
Redemption Date 02-May-23
Outstanding Amount -

Rating Type Debt Instrument
Current
(22-May-23 )
Previous
(16-Dec-22 )
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 (PPCP-2) of PKR 6,000mln on 1-Nov-22. 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 2-May-23. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Lucky Electric Power Company Limited | PPCP-2 | PKR 6bln | Nov-22.
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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 Cement Limited stands as the flagship company of Yunus Brothers Group. The Company’s board comprises 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.

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.