The Pakistan Credit Rating Agency Limited
14-May-25
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
Related Research
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
Airlink Communication Limited | PPSTS-III | PKR 4.0bln | Sep-24
| Issuer | Airlink Communication |
| Instrument | Sukuk-III |
| Amount | PKR 4000 mln |
| Issuance Date | 23-Sep-24 |
| Tenor | 0.5 Years |
| Redemption Date | 24-Mar-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (14-May-25 ) |
Previous (11-Dec-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Airlink Communication Limited issued a Rated, Secured, Privately Placed, Short-Term Sukuk in September 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 45 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 24th March, 2025. Hence, the Pakistan Credit Rating Agency PACRA) has withdrawn the rating of Airlink Communication Limited | PPSTS-III | PKR 4.0bln |
Sep-24.
About
the Entity
Airlink is a public listed company primarily engaged in the distribution and assembly of mobile phones and allied products. Mr. Muzaffar Hayat (CEO) and the family own a majority stake in the Company.