Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws the Ratings of K-Electric Limited | PPSTS-18 |PKR 5bln | Aug’23 | Redeemed
Issuer | K-Electric Limited |
Instrument | Privately Place Short Term Sukuk |
Amount | PKR 5000 mln |
Issuance Date | 09-Aug-23 |
Tenor | 0.5 Years |
Redemption Date | 09-Feb-24 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (30-Apr-24 ) |
Previous (16-Nov-23 ) |
|
Action | Redeem | Initial |
Long Term | - | AA |
Short Term | - | A1+ |
Outlook | Stable | |
Rating Watch | - | - |
K-Electric Limited issued a rated, Privately Placed Sukuk (PPSTS-18) of PKR 5,000mln on 09-Aug-23. The tenor of the instrument was 6 months and carried a profit rate of 6MK+30bps. The instrument has been repaid, and hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on 09-Feb-24.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-18 | PKR 5bln | Aug-23.
About
the Entity
KE is a vertically integrated power utility company which has been running its operations for over a hundred years. The total generation capacity of KE is 2,817 MW. Along with that, KE procures an additional 1650+ MW from National Grid and IPPs. Additionally, KES Power Limited holds 66.4% share of the Company while the Government of Pakistan owns another 24.4%. All key developments are declared publicly at the shareholder level. The CEO of the Company is Mr. Moonis Abdullah Alvi who has been associated with the Company since 2008.