Bombardier Announces Closing Date, Amended Terms for Sale of Aerostructures Business to Spirit AeroSystems Holding, Inc.

All closing conditions have been met and the parties have agreed on an October 30, 2020 closing date
Total transaction valued at ~ $1.2 billion1; cash proceeds now expected to be $275 million
Sale supports Bombardier’s repositioning as a pure-play business jet company and further strengthens liquidity All amounts in this press release are in U.S. dollars unless otherwise indicated.
MONTREAL, Oct. 26, 2020 (GLOBE Read More…

Hashoo Group and Faysal Bank Limited join hands for a National Cause

Islamabad, October 26, 2020 (PPI-OT):Faysal Bank in partnership with Hashoo Group has invited Overseas Pakistanis to open their Faysal Islami Roshan Digital Account. When maintaining a minimum deposit in their account, customers will be able to avail exclusive discounts at Pearl-Continental Hotels and Resorts and Hotel One properties across Pakistan.
In Phase one, customers may avail exclusive packages at all Hotel ORead More…

Shan Foods observes ‘Pinktober’ with breast cancer awareness sessions for its employees in collaboration with Shaukat Khanum Hospital

Islamabad, October 26, 2020 (PPI-OT):In observance of “PINKtober” – the breast cancer awareness month, celebrated worldwide in October – Shan Foods organized two awareness sessions; one for its management employees and the other for its labour staff in collaboration with Shaukat Khanum Memorial Cancer Hospital.
The session for management staff was conducted virtually while the session for laboRead More…

PACRA Assigns Preliminary Rating to Hub Power Company Limited – Privately Placed Short Term Sukuk upto PKR 4.5bln

Lahore, October 26, 2020 (PPI-OT):HUBCO is a large RFO based power plant with an installed capacity of 1295MW.The rating reflects the holding company character of HUBCO with an exclusive focus on the different dimension of the energy sector. HUBCO has already expanded generation capacity and aims to further expand generation capacity to boost the country’s power generation by utilizing Pakistan’s indigenoRead More…

PACRA assigns Preliminary Rating to PMRC – PP Sukuk

Lahore, October 26, 2020 (PPI-OT):Pakistan Mortgage Refinance Company – PMRC, commenced business in 2018 as Pakistan’s first mortgage refinance institution to provide lending to both; Islamic and Conventional Financial Institutions. The purpose of the institution is to increase the availability of affordable mortgages, consequently reducing the shortage of housing in Pakistan. The regulatory structure is suppRead More…

PACRA Maintains Entity Ratings of NRSP Microfinance Bank Limited

Lahore, October 26, 2020 (PPI-OT):The ratings incorporate the bank’s placement in the Microfinance Sector, as witnessed from its ~9% share in the gross loan portfolio (GLP) and ~10% share in the deposits of the industry. The design of the lending book keeps the concentration high wherein a considerable portion is dedicated to crop-linked loans, particularly to sugarcane crops; this, coupled with volatile systemRead More…

PACRA Upgardes Entity Rating of Mughal Iron and Steel Industries Limited

Lahore, October 26, 2020 (PPI-OT):Mughal is a known name in the steel industry. The Company’s business profile has significantly improved, over the last few years. Governance framework strengthened by induction of independent oversight on board. The Company has diversity in its product slate; Rebars, T-Iron and Girders etc. Furthermore, establishment of strong brands like ‘Mughal Supreme’ gives competitive edgeRead More…

PACRA Maintains Stability Rating of UBL Cash Fund

Lahore, October 26, 2020 (PPI-OT):The rating reflects the strength of the fund’s credit and interest rate risk profile. The fund’s low risk profile emanates primarily from its investment policy of maintaining a size-able proportion of placements with Commercial Banks having ‘AAA’ rating. At end Jun-20, ~91% of the funds’ assets were placed with ‘AAA’ rated Banks. The lower duRead More…

PACRA Maintains Stability Rating of AKD Islamic Income Fund

Lahore, October 26, 2020 (PPI-OT):The rating reflects the fund’s moderate credit risk profile emanating from its investment strategy to invest in good credit quality investment avenues with sound liquidity. At end Jun’20, ~77% of the fund’s assets were allocated to bank placements (‘AA’ rated), whereas ~16% to Sukuk/TFCs and 6% to commercial papers. The unit holding pattern of the fund eRead More…

PACRA Maintains Stability Rating of 786 Smart Fund

Lahore, October 26, 2020 (PPI-OT):The Fund’s strong credit quality and sound liquidity profile emanates primarily from its mandate to invest in low duration avenues such as cash placements in banks and ensuring low exposure to interest rate risk. At end Jun ’20, ~84% of Fund’s assets were allocated to AA rated bank placements, whereas ~13% to Sukuk/TFCs. Average duration of the Fund remained within Read More…