The Pakistan Credit Rating Agency Limited
22-Nov-24
Analyst
Kanwal Ejaz
kanwal.ejaz@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Corporate Rating | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
Related Research
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Pakistan Mobile Communications Limited | PPSTS | PKR 15bln | Apr-24
| Issuer | Pakistan Mobile Communications Limited |
| Instrument | PPSTS-1 |
| Amount | PKR 15000 mln |
| Issuance Date | 24-Apr-24 |
| Tenor | 0.6 Years |
| Redemption Date | 24-Oct-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (22-Nov-24 ) |
Previous (29-May-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
The Company issued rated, unsecured, privately placed short term sukuk. The issue amount was PKR 15,000mln and disbursed at a face value of PKR 1,000,000 each or in multiple thereof. The funds were utilized for general corporate purposes, including but not limited to capital expenditure and license related payments. The tenor was six (06) months from the Issue Date of each tranche. Similarly, principal redeemed as bullet payment six (06) months after the issue date. Profit rate was set at Base Rate + 25 bps p.a. with a Floor of 5% & a Cap of 30%. Profit has been paid at Maturity of the Issue.
The Sukuk was redeemed on 24th October, 2024. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pakistan Mobile Communications Limited | PPSTS | PKR 15bln | Apr-24.
About
the Entity
PMCL – brand name ‘Jazz’ commenced its operations in August 1994. The Company is a subsidiary of International Wireless Communications Pakistan Limited , which, directly and indirectly holds 85% of the issued share capital in the Company. VEON Pakistan Holdings B.V ("VEON Pak") holds 15%. The ultimate parent company is VEON Ltd with its headquarters in Amsterdam. Both TMGL and VEON Pak are wholly owned subsidiaries of VEON Ltd. PMCL's Board of Directors (BoD's) is mainly composed of representatives from VEON.