The Pakistan Credit Rating Agency Limited
16-Oct-26
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Corporate Rating | Jul-26
- Methodology | Debt Instrument Rating | Sep-26
Related Research
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Daewoo Pakistan Express Bus Service Limited| PPSTS-II| PKR 4.0bln | Mar-26
| Issuer | Daewoo Pakistan Express Bus Service Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 4000 mln |
| Issuance Date | 02-Mar-26 |
| Tenor | 0.5 Years |
| Redemption Date | 01-Sep-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (16-Oct-26 ) |
Previous (27-Apr-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Daewoo Pakistan Express Bus Service Limited (“DPEBSL” or “the Company”), issued its second Rated, Secured, Privately Placed, Short-Term sukuk of PKR 4.0bln on March 2nd, 2026 (inclusive of a Green Shoe Option of up to PKR 2,000 million) marking a strategic financial move for the Company. The proceeds were utilized to finance the working capital requirements of the Company. The underlying instrument was secured by ranking charge over Company’s current assets including receivables with 25% margin. To ensure repayment discipline, the Issuer maintained and efficiently managed the Debt Payment Account (“DPA”) under the lien of the Investment Agent. The first payment of PKR 1,000 million was made on or before 21 days prior to the maturity date, the second payment on or before 15 days prior to the maturity date, the third payment on or before 7 days prior to the maturity date, and the fourth and final payment on or before 2 days prior to the maturity date. Accordingly, an amount equivalent to the full Issue size was available in the DPA two days prior to the maturity date.
On the maturity date, both principal and markup were duly settled on September 1st, 2026. The redemption process has been verified through a Confirmation letter issued by Investment Agent along with supporting bank statement, confirming that an aggregate amount equivalent to the full issue size, along with profit, was transferred to the designated account and subsequently paid to the investors.
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About
the Entity
DPEBSL, incorporated in 1997, operates passenger, cargo, and mass transit services in Pakistan, with 95.47% owned by Liberty Daharki Power Ltd., ultimately owned by Mr. Shaheryar Arshad Chishty.
About
the Instrument
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has redeemed the rating of Daewoo Pakistan Express Bus Service Limited | PPSTS-II | PKR 4.0bln | Mar-26, which was redeemed on September 1st, 2026.