Pak Elektron Limited Redeems CP | March 19 | PACRA Withdraws Instrument Rating
|Issuer||Pak Elektron Limited|
|Rating Type||Debt Instrument|
The Company issued a privately placed Commercial Paper worth PKR 1,200mln on March,2019, to finance working capital requirements. The Paper had a tenor of nine (9) months and carried a profit rate of 9MK + 125bps. Issuance was in the form of promissory notes at a discount to face value with redemption at face value in one bullet payment at maturity.
Subsequent to the repayment of Commercial Paper, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pak Elektron Limited CP | March 19 |
PEL is a listed Public Limited Company and was incorporated in 1956. The Company is principally engaged in manufacturing and sale of electrical capital goods and domestic appliances. PEL is majorly owned by Saigol Group (~50%). Other interests of the group include power, textile and real estate. Mr. Naseem Saigol is the Chairman of the ten member Board. Saigol family has prominent presence on Board. Mr. Murad Saigol, MD/CEO, monitors all of the strategic and operational affairs of the Company. He is supported by an experienced and stable management team.