The Pakistan Credit Rating Agency Limited
05-Sep-25
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Debt Instrument Rating | Oct-24
- Methodology | Corporate Rating | Jul-25
Related Research
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Select Technologies (Pvt.) Limited - PPSTS - PKR 4bln - Dec 24
| Issuer | Select Technologies (Pvt.) Limited |
| Instrument | Sukuk-I |
| Amount | PKR 4000 mln |
| Issuance Date | 13-Dec-24 |
| Tenor | 0.6 Years |
| Redemption Date | 14-Jun-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (05-Sep-25 ) |
Previous (03-Mar-25 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Select Technologies (Pvt.) Limited issued a Rated, Secured, Privately Placed, Short-Term Sukuk in December 2024. The Sukuk carried a markup of 6MK + 1.75% with a tenor of six months. The underlying instrument was secured by a ranking charge over the current assets of the Company. The Issuer maintained and efficiently managed a Debt Payment Account (“DPA”) under the lien of the Investment Agent, whereby a payment equivalent to PKR 1,000 million was made starting from 47 days before the maturity date, and every fortnight thereafter, ensuring that an amount equivalent to the full issue amount was available in the DPA five days before the maturity date. The principal and profit payments were made in a bullet payment.
The Sukuk was redeemed on 14th June, 2025. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Select Technologies (Pvt.) Limited | PPSTS | PKR 4.0bln | Dec-24.
About
the Entity
Select Technologies (Pvt.) Limited was incorporated in Pakistan on October 13th, 2021, as a private limited entity. The Company’s ~99.9% financial stake rests with AIRLINK (parent company).