The Pakistan Credit Rating Agency Limited
17-May-24
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Debt Instrument Rating | Dec-23
- Methodology | Rating Modifiers | Apr-24
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
PACRA Withdraws the Rating of Ghani Chemical Industries Limited | Sukuk | Feb-17 | Redeemed
| Issuer | Ghani Chemical Industries Limited |
| Instrument | Sukuk |
| Amount | PKR 1300 mln |
| Issuance Date | 03-Feb-17 |
| Tenor | 7 Years |
| Redemption Date | 03-Feb-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (17-May-24 ) |
Previous (29-Jan-24 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Ghani Chemical Industries Limited issued a rated, Privately Placed Sukuk of PKR 1,300mln on 03-Feb-2017. The tenor of the instrument was 7 years from the date of issue and at the rate of 3M KIBOR + 1.0%p.a. 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 03-Feb-2024.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Ghani Chemical Industries Limited | Sukuk | Feb-17 |PKR 1,300mln
About
the Entity
Ghani Chemical Industries Limited is a listed entity, incorporated in 2015. The company is primarily engaged in the manufacturing, sale, and trading of industrial, and medical gases and chemicals. The Company is a subsidiary (~58%) of Ghani Global Holdings Limited which is owned majorly by the Ghani Family (~51.62%). The remaining shareholding lies in Ghani Products (Pvt.) Ltd ~18%, directors of the company and the general public. Members of sponsoring family majorly represent Ghani Chemicals’ four-member board. Mr. Masroor Ahmad Khan is the Chairman of the board while Mr. Hafiz Farooq Ahmad holds the office of CEO. They are assisted by a management team with extensive experience and a diversified skillset.