The Pakistan Credit Rating Agency Limited
26-Sep-25
Analyst
Anam Waqas Ghayour
anam.waqas@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 | Independent Power Producer Rating | Jul-25
Related Research
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PACRA Withdraws the Entity Ratings of PakGen Power Limited
| Rating Type | Entity | |
|
Current (26-Sep-25 ) |
Previous (27-Sep-24 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | AA |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Following the management’s decision to discontinue the entity ratings of PakGen Power Limited, PACRA has withdrawn the entity ratings with immediate effect.
.
About
the Entity
Pakgen Power Limited was established for electricity generation under the power policy 1994 as an Independent Power Producer (IPP). The plant is located at Mehmood Kot, near Muzaffargarh (Punjab) and has an installed capacity of 365MW. The PPA has a remaining contractual life of approx. 4 years under the PPA. Pakgen Power is listed on Pakistan Stock Exchange. The major shareholder of the company is Nishat Group (43.46%) directly through individuals and related parties. Majority of the board members are nominated by Nishat Group and are group Executives. At present, Mr. Muhammad Ali Zeb is the Chairman of the Board of the company. Mian Hassan Mansha, heading the Nishat Group's interest in power sector, is the CEO of the Company.