The Pakistan Credit Rating Agency Limited
06-Nov-26
Analyst
Esha Nisar
esha.nisar@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
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
Trans World Associates (Pvt.) Limited – PPSTS – PKR 1.5bln – Apr-26
| Issuer | Trans World Associates (Pvt.) Limited |
| Instrument | PPSTS-1 |
| Amount | PKR 1500 mln |
| Issuance Date | 16-Apr-26 |
| Tenor | 0.5 Years |
| Redemption Date | 16-Oct-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (06-Nov-26 ) |
Previous (15-May-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Trans World Associates Private Limited (“The Company” or “TWA”) issued its first Rated, Secured, Privately Placed, Short-Term Sukuk on April 16th, 2026, valued at PKR 1.5bln. The Sukuk carried a markup of 6MK+0.65% with a tenor of six months. The proceeds were utilized for meeting the Company’s working capital requirements. The Sukuk remained secured through the stipulated security arrangements, while the Company complied with the agreed collection, payment, and funding mechanisms throughout the tenor of the instrument. The SPA was released by Investment Agent and funds were transferred to TWA designated account prior to Maturity Date.
Accordingly, both principal and markup were duly settled on October 16th, 2026. The redemption process has been verified through bank statement, investment agent request for release of funds, Auditor’s Certificate, 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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In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Trans World Associates (Pvt.) Limited | PPSTS | PKR 1.5bln, which has been matured on October 16th, 2026.
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About
the Entity
TWA incorporated in Pakistan as a private limited company on October 01, 1980. Board consists of eight directors. Mr. Junaid Iqbal is the CEO, while Mr. Saad Muzaffar Waraich is the President of the Company and Mr. Asif Inam is the Deputy CEO & COO, they all have a strong telecom industry profile.
About
the Instrument
Trans World Associates (Pvt.) Limited issued its first Rated, Secured, Privately Placed, Short-Term Sukuk on April 16th, 2026, valued at PKR 1.5bln and matured on October 16th, 2026. The purpose of the issuance was to fund the working capital requirements of the Company. This Sukuk featured a markup of 6MK+0.65% with a tenure of six months.