Analyst
Shujat Ehsanullah Wasim
Shujat.Ehsan@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
PACRA Withdraws the Rating of Lucky Electric Power Company Limited | PPSTS-11 | PKR 4bln | Jun-23 | Redeemed
Issuer | Lucky Electric Power Company Limited |
Instrument | Privately Place Short Term Sukuk |
Amount | PKR 4000 mln |
Issuance Date | 13-Jun-23 |
Tenor | 0.5 Years |
Redemption Date | 13-Dec-23 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (16-Feb-24 ) |
Previous (25-Oct-23 ) |
|
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 (PPSTS-11) of PKR 4,000mln on 13-Jun-23. The tenor of the instrument was 6 months and carried a profit rate of 6MK+50bps. The instrument has been repaid, and hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on 13-Dec-23.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Lucky Electric Power Company Limited | PPSTS-11 | PKR 4bln | Jun-23.
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.