The Pakistan Credit Rating Agency Limited
05-Aug-21
Analyst
Timnat Thomas
timnat.thomas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-21
- Methodology | Holding Company Rating | Jun-21
- Criteria | Rating Modifiers | Jun-21
Related Research
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PACRA Withdraws Rating of Jahangir Siddiqui & Co. Ltd. | TFC IX | Jun-16
| Issuer | Jahangir Siddiqui & Co. Ltd. |
| Instrument | TFC-IX |
| Amount | PKR 1000 mln |
| Issuance Date | 24-Jun-16 |
| Tenor | 5 Years |
| Redemption Date | 24-Jun-21 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (05-Aug-21 ) |
Previous (07-Aug-20 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | AA+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Jahangir Siddiqui issued a rated, secured, privately placed Term Finance Certificate of PKR 1,000mln on 24th June 2016 to finance its investment book and working capital requirements of the investee companies. The tenor of the TFC was 5 years and carried a profit rate of 6 months KIBOR+165ps. The profit amounting to PKR 5.6mln was paid on the outstanding principal at the time of maturity along with the final repayment of the principal of PKR 125mln. The TFC matured in June-2021 at the end of the five years from the date of issue.
Subsequent to the redemption of the Term Finance Certificate, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Jahangir Siddiqi & Co. Ltd. | TFC IX | Jun-16.
About
the Entity
Jahangir Siddiqui & Co. Ltd. ('JSCL' or 'the Company'), successor to brokerage business started in the 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 a portfolio of investments categorized into a) core investments (subsidiaries), b) strategic investments and c) trading investments. Investments in the financial segment dominate the portfolio with a significant
concentration in the banking and insurance sectors. Other investments are in the energy, petroleum, and infrastructure sectors. Chief Justice (R) Mahboob Ahmed is Chairman of the BoD, while, Mr. Suleman Lalani heads the Company as CEO.