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The Pakistan Credit Rating Agency Limited
Press Release
Date
23-Aug-24

Analyst
Hashim Yazdani
hashim.yazdani@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws the Rating of Engro PowerGen Thar (Private) Limited | PP Sukuk | Redeemed

Issuer Engro PowerGen Thar (Private) Limited
Instrument Sukuk
Amount PKR 3000 mln
Issuance Date 02-Aug-19
Tenor 5 Years
Redemption Date 02-Aug-24
Outstanding Amount -

Rating Type Debt Instrument
Current
(23-Aug-24 ) 		Previous
(28-Feb-24 )
Action Redeem Maintain
Long Term - AA-
Short Term - -
Outlook Stable
Rating Watch - -

Engro PowerGen Thar (Pvt) Limited issued a rated, Privately Placed Sukuk of PKR 3,000mln on 2nd August 2019. The instrument carried a profit rate of 3MK + 110bps with a tenor of five (5) years. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on 2nd August 2024.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Engro PowerGen Thar (Private) Limited | PP Sukuk

About the Entity
EPTL, incorporated in September 2014, has set up a 2 x 330 MW Coal-based Power Plant under the 2002 Power Policy. The Company is a special purpose vehicle. It is the first indigenous coal based Power Plant of Pakistan in Thar Block – II, Sindh, for a total cost of USD 1.1bln, having a D/E ratio of 75:25. EPTL's majority ordinary shares are owned by Engro Energy Limited (EEL)(50.1%) and China Machinery Engineering Corporation (CMEC) (35%), while the remaining stake is owned by Habib Bank Limited (HBL) (9.5%) and Liberty Mills Limited (LML) (5.4%). Engro Energy Limited (EEL) is 100% owned subsidiary of Engro Corporation.

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.