The Pakistan Credit Rating Agency Limited
19-Nov-25
Analyst
Kanwal Ejaz
kanwal.ejaz@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
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Pakistan Mobile Communications Limited - PPSTS-III - PKR 15bln
| Issuer | Pakistan Mobile Communications Limited |
| Instrument | PPSTS-3 |
| Amount | PKR 15000 mln |
| Issuance Date | 28-Apr-25 |
| Tenor | 0.6 Years |
| Redemption Date | 28-Oct-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (19-Nov-25 ) |
Previous (16-May-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Pakistan Mobile Communications Limited had issued the rated, unsecured, privately placed short-term
Sukuk-III (PPSTS-III), on April 28, 2025. The issue amount of PPSTS-III was PKR ~15bln and disbursed in single tranche. The funds were utilized for general corporate purposes, including but not limited to capital expenditure and license-related payments. The tenor was six (06) months from the issue date of tranche. Similarly, principal was redeemed as bullet payment six (06) months after the issue date. Profit rate was at 3MK - [15] bps p.a.
-
About
the Entity
PMCL – brand name ‘Jazz’ commenced its operations in August 1994. The Company is a subsidiary of
International Wireless Communications Pakistan Limited, which, directly and indirectly holds ~85% of
the issued share capital in the Company. VEON Pakistan Holdings B.V ("VEON Pak") holds ~15%. The
ultimate parent Company is VEON Ltd with its headquarters in Amsterdam. Both TMGL and VEON Pak
are wholly owned subsidiaries of VEON Ltd. PMCL's Board of Directors (BoD's) is mainly composed of
representatives from VEON.
About
the Instrument
The Sukuk was redeemed on October 28, 2025. Hence, the Pakistan Credit Rating Agency (PACRA) has
withdrawn the rating of Pakistan Mobile Communications Limited - PPSTS-III - PKR 15bln with
immediate effect.