PACRA withdraws Debt Instrument Ratings of PEL’s redeemed Commercial Paper

MG News | September 14, 2018 at 10:25 AM GMT+05:00

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PACRA has withdrawn Debt Instrument Ratings of Pak Elektron Limited on 13^th September 2018 with immediate effect

PEL issued a short-term, unsecured Commercial Paper (CP) of PKR 1,200mln to finance its working capital requirements in Dec-17. CP, having a tenor of nine months, carried a profit rate of 9M KIBOR + 1.25%. The instrument matured on September 10, 2018 and was subsequently redeemed.

PEL was incorporated in 1956 as a Public Limited Company. Currently, it's listed on Pakistan Stock Exchange and is principally engaged in manufacturing and sale of electrical capital goods and domestic appliances. PEL is majorly owned by Saigol Group (~50.3%). Other interests of the group include power, textile and cement.

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