The Pakistan Credit Rating Agency Limited
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Timnat Thomas

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PACRA Withdraws Rating of Jahangir Siddiqui & Co. Ltd. | TFC IX | Jun-16

Issuer Jahangir Siddiqui & Co. Ltd.
Instrument TFC-IX
Amount PKR 1000 mln
Issuance Date 24-Jun-16
Tenor 5 Years
Redemption Date 24-Jun-21
Outstanding Amount -

Rating Type Debt Instrument
Action Redeem Maintain
Long Term - AA+
Short Term - -
Outlook Stable
Rating Watch - -

Jahangir Siddiqui issued a rated, secured, privately placed Term Finance Certificate of PKR 1,000mln on 24th June 2016 to finance its investment book and working capital requirements of the investee companies. The tenor of the TFC was 5 years and carried a profit rate of 6 months KIBOR+165ps. The profit amounting to PKR 5.6mln was paid on the outstanding principal at the time of maturity along with the final repayment of the principal of PKR 125mln. The TFC matured in June-2021 at the end of the five years from the date of issue.
Subsequent to the redemption of the Term Finance Certificate, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Jahangir Siddiqi & Co. Ltd. | TFC IX | Jun-16.

About the Entity
Jahangir Siddiqui & Co. Ltd. ('JSCL' or 'the Company'), successor to brokerage business started in the early seventies by Mr. Jahangir Siddiqui, was established in 1991 and is listed on the Pakistan Stock Exchange (PSX). JSCL, JS Group’s flagship holding company, has a portfolio of investments categorized into a) core investments (subsidiaries), b) strategic investments and c) trading investments. Investments in the financial segment dominate the portfolio with a significant
concentration in the banking and insurance sectors. Other investments are in the energy, petroleum, and infrastructure sectors. Chief Justice (R) Mahboob Ahmed is Chairman of the BoD, while, Mr. Suleman Lalani heads the Company as CEO.

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.