The Pakistan Credit Rating Agency Limited
15-Jun-26
Analyst
Esha Nisar
esha.nisar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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Select Technologies Limited | PPSTS-III PKR 2.0bln | Oct-25
| Issuer | Select Technologies Limited |
| Instrument | Sukuk-III |
| Amount | PKR 2000 mln |
| Issuance Date | 28-Oct-25 |
| Tenor | 0.5 Years |
| Redemption Date | 28-Apr-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (15-Jun-26 ) |
Previous (05-Jan-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Select Technologies Limited (hereafter ‘SELECT’ or ‘the Company’) issued its third Rated, Secured, Privately Placed, Short-Term Sukuk-III, valued at PKR 2.0 billion on October 28th, 2025. The Sukuk carried a markup of 6MK+1.35% with a tenor of six months. The proceeds were utilized to finance the working capital requirements of the Company, and the call option mentioned in the term sheet was not exercised by the Issuer. The underlying instrument was secured by a ranking charge over the current assets of the Company. The Issue was redeemed in three (3) equal installments of one-third (1/3) each of the Issue Amount. The first installment was paid at the end of the fourth (4th) month from the Issue Date, the second installment at the end of the fifth (5th) month from the Issue Date, and the final installment at the end of the sixth (6th) month from the Issue Date. On each redemption date, the Issuer paid the profit accrued for the relevant period. Accordingly, both principal and markup were duly settled on each redemption date, and the last payment was made on April 28th,2026. 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 paid to the investors.
.
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Select Technologies Limited | PPSTS-III | PKR 2.0bln | Oct-25.
About
the Entity
Select Technologies Limited was incorporated in Pakistan on October 13th, 2021, as a private limited entity and recently it has been converted into a public limited company. The Company’s ~99.9% financial stake rests with Airlink (parent company).