The Pakistan Credit Rating Agency Limited
10-Aug-26
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Corporate Rating | Jul-26
Related Research
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PACRA Withdraws the Ratings of Reon Energy Limited | PPSTS | PKR 400mln | Dec-25 | Redeemed
| Issuer | Reon Energy Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 400 mln |
| Issuance Date | 04-Dec-25 |
| Tenor | 0.5 Years |
| Redemption Date | 04-Jun-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (10-Aug-26 ) |
Previous (23-Apr-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
About
the Entity
Reon Energy Limited, was incorporated on September 15, 2014 as a public unlisted company to carry out the business of trading and construction of renewable energy projects, mainly solar, to commercial and industrial consumers. On March 2023, the BOD of DLL approved a share purchase agreement with 'Juniper International FZ-LLC' for the sale of DLL’s entire shareholding in the Company. The sale was ratified by the members of DLL in May 2023. After the satisfaction of the corporate guarantee issued by DLL condition was satisfied, allowing the DLL to issue NOC to RMH International DMCC. Effective from October 8, 2024, the company became a wholly owned subsidiary of RMH International DMCC. The CEO-Mujtaba Haider Khan, is assisted by a team of qualified individuals with significant experience in the energy business.
About
the Instrument
The Company issued a Rated, Privately Placed, Secured Short-Term Sukuk of PKR 400mln (green shoe option of PKR 100mln was not exercised), on December 4, 2025. The instrument had a tenor of six months and carried a profit rate of 3MK + 175 bps with profit serviced quarterly and principal repaid at par at maturity. The instrument was backed by a first-ranking charge over PKR 650mln of the Issuer's trade receivables (maintained 25% above outstanding principal); a Debt Payment Account (DPA) under lien of the Investment Agent; post-dated cheques in favor of Sukuk holders; and a Letter of Comfort from RMH International DMCC, the parent entity. The Sukuk has been fully redeemed, with all principal and final markup paid by the Company on June 4, 2026. As a result, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Reon Energy Limited | PPSTS | PKR 400mln | Dec-25.