Analyst
Ayesha Malik
ayesha.malik@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Engo Corporation Limited | Sukuk | July-14.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.