Pakistan Credit Rating Agency (PACRA) has withdrawn Pak Elektron Limited’s (PEL) Debt Instrument Ratings on September 13, 2018 with immediate effect.
PEL issued a short-term, unsecured Commercial Paper (CP) of Rs1,200 million to finance its working capital requirements in December 2017. CP, having a tenor of nine months, carried a profit rate of 9M KIBOR + 1.25 per cent. The instrument matured on September 10, 2018 and was subsequently redeemed.
PEL was incorporated in 1956 as a Public Limited Company. Currently, it is listed on Pakistan Stock Exchange (PSX) and is principally engaged in manufacturing and sale of electrical capital goods and domestic appliances. PEL is majorly owned by Saigol Group (~50.3 per cent). Other interests of the group include power, textile and cement.