Analyst
Usama Liaquat
usama.liaquat@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws Debt Instrument Rating of Pharmagen Limited | PP Sukuk
Rating Type | Debt Instrument | |
Current (10-Dec-19 ) |
Previous (12-Jul-19 ) |
|
Action | Withdraw | Preliminary |
Long Term | - | A- |
Short Term | - | - |
Outlook | - | Stable |
Rating Watch | - | - |
The company proposed to raise a privately placed, listed, rated and secured sukuk of PKR 1 bln. The instrument had a tenure of 5 years from the date of disbursement, with a profit rate of 3M-KIBOR+ 2.5%.
Pharmagen does not intend to issue the Sukuk, thereby PACRA withdraws the rating with immediate effect.
About
the Entity
Pharmagen Limited is a public limited-unquoted pharmaceutical company operating in Pakistan since 1990. The company is engaged in the manufacturing and sale of pharmaceutical products and over the years it has become the leading producer of APIs (Active Pharmaceutical Ingredients) in Pakistan. Pharmagen is majority owned by Parvez Hussain Sufi’s family (~60%), while other strategic partners include Rasheed Khan’s family (~15.2%), and Maj. Gen. (Retd.) Rahim Khan’s family (~2.1), along with trusts, Naghat Rasheed Trust and Kashmir Education Foundation holding (~1.8%) and (~20.9%) respectively.