The Pakistan Credit Rating Agency Limited
30-Jan-26
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@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 | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-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
Select Technologies (Pvt.) Limited - PPSTS-II - PKR 3.5bln - Jun 25
| Issuer | Select Technologies (Pvt.) Limited |
| Instrument | Sukuk-II |
| Amount | PKR 3500 mln |
| Issuance Date | 16-Jun-25 |
| Tenor | 0.5 Years |
| Redemption Date | 16-Dec-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (30-Jan-26 ) |
Previous (12-Sep-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Select Technologies (Pvt.) Limited issued its second Rated, Secured, Privately Placed, Short-Term Sukuk on June 16, 2025. The Sukuk carried a markup of 6MK+1.75% with a tenor of six months. The proceeds were utilized to finance the working capital requirements of the Company. 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 875 million shall be made starting from 47 days before the maturity date, and every fortnight thereafter, such that amount equivalent to full issue amount is available in the DPA 05 days before the maturity date. The principal and profit payments were made in a bullet payment.
Accordingly, both principal and markup were duly settled on December 16, 2025. The redemption process has been verified through an Auditor’s Certificate along with supporting bank statements, 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.
.
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Select Technologies (Pvt.) Limited | PPSTS-II | PKR 3.5bln | Jun-25, which was redeemed on December 16, 2025.
About
the Entity
Select Technologies (Pvt.) Limited was incorporated on October 13th, 2021, as a private limited entity. The Company's ~99.9% stake rests with AIRLINK (the parent company).