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The Pakistan Credit Rating Agency Limited
Press Release
Date
09-May-19

Analyst
Ayesha Qasim
ayesha.qasim@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

Jahangir Siddiqui & Co. Ltd redeems TFC VIII | Apr-14; PACRA withdraws Instrument Ratings.

Issuer Jahangir Siddiqui & Co. Ltd.
Instrument TFC-VIII
Amount PKR 750 mln
Issuance Date 09-Apr-14
Tenor 5 Years
Redemption Date 08-Apr-19
Outstanding Amount -

Rating Type Debt Instrument
Current
(09-May-19 ) 		Previous
(08-Feb-19 )
Action Redeem Maintain
Long Term - AA+
Short Term - -
Outlook - Stable
Rating Watch - -

Jahangir Siddiqui & Co. Ltd. issued a secured, Term Finance Certificate (TFC VIII) of PKR 750mln in Apr-14 for a tenor of 5 years. The Instrument due for final redemption on 08 April, 2019 has been fully redeemed.
Thus, PACRA withdraws the debt instrument rating of 'AA+' assigned to TFC-VIII| Apr-14 with immediate effect.

About the Entity
Jahangir Siddiqui & Co. Ltd., successor to brokerage business started in early seventies by Mr. Jahangir Siddiqui, was established in 1991 and is listed on the Pakistan Stock Exchange (PSX). JSCL, JS Group’s flagship Holding Company, has portfolio of investments categorized into a) subsidiaries, b) available for sale, and c) held for trading. Investments in the financial segment dominate the portfolio, with significant concentration in the banking and insurance sector. New investment are in energy, petroleum and infrastructure sectors. JS Group owns 72.5% shareholding in the Company. Chief Justice (R) Mahboob Ahmed is Chairman of the BoD and Mr. Suleman Lalani, is CEO of the Company.

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.