The Pakistan Credit Rating Agency Limited
21-Mar-25
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Independent Power Producer Rating | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
Related Research
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 Ratings of Lucky Electric Power Company Limited | PPSTS-20 | PKR 5bln | Aug-24 | Redeemed
| Issuer | Lucky Electric Power Company Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 5000 mln |
| Issuance Date | 15-Aug-24 |
| Tenor | 0.5 Years |
| Redemption Date | 17-Feb-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (21-Mar-25 ) |
Previous (20-Sep-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Lucky Electric Power Company Limited ("Lucky Electric" or "the Company") successfully issued a rated, privately placed Short-Term Sukuk (PPSTS-20) of PKR 5,000 million on August 15, 2024. The instrument had a tenor of six months and carried a profit rate of 3M KIBOR + 50 basis points. The Sukuk has since been fully redeemed, with the Company having paid all outstanding principal and accrued markup in full. The redemption of the Sukuk was completed on February 17, 2025.
As a result of the full repayment, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings assigned to Lucky Electric Power Company Limited - PPSTS-20 - PKR 5 billion - August 2024.
About
the Entity
Lucky Electric Power Company Limited ("Lucky Electric") was incorporated in Pakistan on June 13, 2014, as a public unlisted company based at Port Qasim, Karachi, Sindh. The company is wholly owned by Lucky Cement Limited. Lucky Cement serves as the flagship company of the Yunus Brothers Group. The Board of Directors of Lucky Electric comprises seven members, including the Chief Executive Officer, with all board members representing Lucky Cement. Mr. Muhammad Ali Tabba, the Chairman of the Board, has been affiliated with the Group for nearly three decades, serving in various leadership capacities. Under his visionary leadership and extensive experience, the Company continues to benefit from his strategic guidance in its operations and growth.