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The Pakistan Credit Rating Agency Limited
Press Release

Date
15-Nov-19

Analyst
Ayesha Malik
ayesha.malik@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

Engro Corporation Limited Redeems Sukuk | July -14 | PACRA Withdraws Instrument Rating

Issuer Engro Corporation Limited
Instrument Sukuk-II
Amount PKR 1000 mln
Issuance Date 21-Jul-14
Tenor 5 Years
Redemption Date 21-Jul-19
Outstanding Amount -

Rating Type Debt Instrument
Current
(15-Nov-19 )
Previous
(28-Jun-19 )
Action Redeem Maintain
Long Term - AA+
Short Term - -
Outlook - Stable
Rating Watch - -

Engro Islamic Rupiya Certificates-II were listed and secured Ijarattul Musha and Murahaba Sukuk certificates of PKR 1,000 mln issued during ‘Jul-14. These were secured against first ranking parri passu floating charge with mark-up of 13.5% p.a paid semi-annually. The certificates were fully redeemed at the end of 5 year tenor in Jul ‘19.
Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Engo Corporation Limited | Sukuk | July-14.

About the Entity
Engro Corporation Limited (Engro Corp) is a public listed company. The principal activity of the Company is to manage investments in subsidiary companies, associated companies and joint ventures. Dawood family holds 45% stake in Engro Corp majority of which is through its corporates, whereas less than 1% is owned through individuals of Dawood family. Mr Hussain Dawood chairs the Board of Directors whereas Mr Ghias Khan is the CEO of Engro Corp.

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.