October 26, 2020 – PPI News Agency

October 26, 2020May 19, 2023

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 NEWSWIRE) — Bombardier (TSX: BBD.B) announced today it has entered into an amended definitive agreement to sell its aerostructures business to Spirit AeroSystems Holding, Inc. (Spirit), supporting Bombardier’s strategic decision to reposition itself as a pure-play business aircraft company. This transaction is set to close on October 30, 2020 as all closing conditions have been met.

Under the amended agreement, Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, U.K.; Casablanca, Morocco; and its aerostructures maintenance, repair and overhaul (MRO) facility in Dallas, U.S. for cash consideration of $275 million, Spirit’s assumption of liabilities, including government refundable advances and pension obligations, valued at $824 million, as well as certain adjustments to the parties’ trading agreements favourable to Bombardier.

“Today’s announcement marks another milestone towards achieving our strategic goal of repositioning Bombardier as a pure-play business jet company,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “We are very excited about our future as a more focused Company. The proceeds from this transaction and from the pending sale of Bombardier Transportation strengthen our liquidity and position us to begin reshaping our capital structure and address our balance sheet challenges so that we can achieve the full potential of our incredibly talented employees and our industry leading business jet portfolio.”

About Bombardier
With nearly 60,000 employees across two business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

1. Transaction value is based on expected proceeds of $275 million and including Bombardier’s IFRS carrying values as at September 30, 2020 of the transferred liabilities.

Bombardier is a trademark of Bombardier Inc. and its subsidiaries.

For Information
Jessica McDonald
Advisor, Media Relations and Public Affairs
Bombardier Inc.
+1 514 262 7255

Patrick Ghoche
Vice President, Corporate Strategy and Investor Relations
Bombardier Inc.
+514 861 5727

October 26, 2020

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 One and Pearl-Continental Resorts in Muzaffarabad, Gwadar, Bhurban, and Malam Jabba, with access to all Pearl-Continental and Marriott city hotels to be included soon after.

Hashoo Group is the leading owner and operator of hotels in Pakistan, running Pearl-Continental Hotels and Resorts, Marriott Hotels, and the Hotel One in the country, whereas Faysal Bank Limited is amongst the most significant and progressive Islamic banks in Pakistan’s banking industry offering a wide range of Sharia compliant banking and investment solutions.

In this connection, a Memorandum of Understanding (MoU) was signed between Hashoo Group and Faysal Bank Limited at Pearl-Continental Hotel Karachi on Monday, 26th October 2020. At the MoU signing ceremony, Hashoo Group Deputy Chairman and CEO Mr. Murtaza Hashwani, expressed: “Working in line with the government’s mission to promote tourism – be it domestic, or international, we are pleased to collaborate with Faysal Bank Limited and offer their Pakistani clientele abroad a unique opportunity to explore the natural beauty and warm hospitality that our country is recognised for.”

Speaking at the signing ceremony, Mr. Yousaf Hussain, President and CEO – Faysal Bank Limited, said, “Faysal Bank is fully committed towards the State Bank led national cause of promoting the Roshan Digital Accounts. Through Faysal Islami’s Roshan Digital Accounts, Overseas Pakistanis can now easily avail a range of Shariah compliant banking and investment solutions such as Islamic Naya Pakistan Certificates with only a few clicks on their mobiles or computer while in the comfort of their homes. By joining hands with Hashoo Group we are happy to collaborate and promote fantastic deals to our Overseas Pakistani customers, so when they visit their homeland, they can explore and enjoy some of Pakistan’s top tourist attractions with ease, comfort and affordable rates that no one else is offering.”

This collaboration aims to make travel and tourism to some of Pakistan’s most exciting destinations more accessible for both individuals and families among Overseas Pakistanis and Faysal Bank Limited customers when they return to their native country.

For more information, contact:
Head Office,
Faysal Bank Limited
Faysal House, ST-02, Shahrah-e-Faisal, Karachi, Pakistan
UAN: +92-21-111-747-747
Fax: +92-21-32795234
Email: corpcomm@faysalbank.com
Website: www.faysalbank.com

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October 26, 2020

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 labour staff was conducted physically, in line with all the essential safety protocols, at Shan Foods’ Head Office in Karachi. The highly-esteemed and qualified team of doctors from Shaukat Khanum Hospital, comprising of Dr. Masror Lodhi, Atiqa Batool, and Dr. Umme Farwa, were the speakers for both the sessions, giving detailed rundown on breast cancer to the participants.

The sessions commenced with an overview of the disease and the significance surrounding the global awareness campaigns that are conducted annually. The participants were then briefed about the prevalence, causes, symptoms, and treatment options for breast cancer, along with the importance of early detection for better chances of effective treatment. This was then followed by a Question and Answer session in the end, with active participation from the attendees, and a pledge to dedicate five minutes to oneself for self-examination.

Commenting on Shan Foods’ tradition of conducting PINKtober sessions every year, GM HR, Tazeen Adnan said, “Shan Foods has always been committed to working towards promoting health and wellbeing, and while it actively seeks to benefit its customers, it places equal importance to the wellbeing of its employees. In light of the growing prevalence of breast cancer around the world and in Pakistan, we aim to increase awareness about the disease with our sessions and ensure the best of health for our workers.”

For more information, contact:
Shan Foods (Pvt.) Limited
Plot-29, Sector 23, Korangi Industrial Area,
Karachi, Pakistan
Tel: +92-21-35053076-79
Email: info@shanfoods.com, consumerservices@shanfoods.com
Website: https://www.shanfoods.com/pk/

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October 26, 2020

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 indigenous natural resources. HUBCO through its 100% owned company Hub Power Holding Ltd (HPHL) invested in China Power Hub Generation Company (CPHGC) – A joint venture with China Power International Holdings Ltd (CPIHL): CPHGC (2x660MW coal fired power plant at Hub), achieved COD on 17 August 2019.

Hubco is also setting up two more coal power plants (i) Thar Energy Limited (TEL): 330MW mine-mouth coal fired power plant at Thar and (ii) Thalnova Power: 330MW mine-mouth coal fired power plant at Thar. These investments are being funded through Hubco’s own cashflows and a mix of long term debt and short term debt.

HUBCO has already deployed a sizeable fund in its ongoing projects of Thalnova and Thar Energy Ltd. The overall debt quantum in the wake of fresh investment is huge. HUBCO is redesigning its loan book by converting short term sukuks into Long Term Sukuks, currently HUBCO has two long term and one short term sukuk. HUBCO intends to issue another sukuk in the form of a Musharaka. HPHL has recognized the share of profit of PKR ~13,700mln from CPHGC in its books. Furthermore, the dividend from CPHGC is expected to be materialized in FY21. Receivables keep surging due to circular debt issue.

Cash flow streams of Hubco’s plants are guaranteed by GoP under the Power Purchase Agreement (PPA), subject to adherence to the agreed upon performance benchmarks; this provides comfort to the ratings. Timely completion of new projects, settlement of receivable and payable and maintaining healthy debt service coverages are important for the company.

For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

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October 26, 2020

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 supportive to the initiative.

The rating incorporate the robust shareholding of Ministry of Finance, National Bank of Pakistan, United Bank, Habib Bank, Bank Al Falah, Askari Bank, Allied Bank and Bank AL Habib in PMRC. Initial financing has been under World Bank’s Housing Project, on-lent by the Government of Pakistan. The Company’s primary source of finance will emanate from the bond/sukuk issue, hence targeting the development of bond/sukuk market in Pakistan.

Over the years, PMRC’s financing portfolio increased manifolds. Investment book, primarily comprising of government securities, remained healthy. The business risk profile is strong evidenced by healthy asset yield and lower cost of funds. During 1HCY20, Company’s net markup income grew significantly when compared with the same period last year. PMRC’s financial risk profile is also considered favorable where equity base has witnessed organic growth. PMRC is planning series of bonds/sukuk, in upcoming years, which will provide with ample liquidity in years to come for further development of mortgage housing finance industry in the country.

Security structure of the Sukuk reflects exclusive hypothecation charge over specific receivables of the issuer with 25% margin as primary security. In case of any shortfall in receivables, PMRC shall provide charge on Islamic Deposit/Islamic Term Deposit/ GoP Sukuk etc. “Cash Equivalents” till such time receivables to be provided as primary security. The post-tax profit rate is higher; attributable to tax exemption till June, 2023, given to certain class of investors on income and capital gain of bonds issued by PMRC.

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October 26, 2020

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 system indicators, has significantly impacted the bank’s credit quality in the last few years. This resulted in a considerable rise in infection ratio and a sizable quantum of write-offs in order to cleanse the loan book which has been achieved to a large extent.

The management is eyeing no significant increase in NPLs in the medium term. Volumetric rise in lending book resulted in higher revenue earned. During 6MCY20, the bank witnessed good growth in profitability (Pre-Tax 9MCY20 profit: PKR 710mln, 9MCY19 loss: PKR 753mln). This along with presence of healthy investment book provides comfort. Considering the constrained market conditions due to COVID-19 pandemic outbreak and the bank’s internal factors, the management’s strategic focus inclines towards consolidating the bank’s position in the short horizon, including exercising a cautious lending approach and building gradual product diversity.

The Bank’s CAR witnessed slight uptick (Sep-20: 15.71%, Dec-19: 15.4%). The management is actively pursuing actions to address strengthening of CAR which are at an advanced stage. Stable outlook incorporates enhanced pre-provision profitability, quantum of highly liquid investment book and plan of strengthening CAR over short horizon. The ratings are placed under “Watch” particularly to reflect on the challenges arising from COVID-19 outbreak and subdued economic activity.

Though SBP’s Relief Packages have come handy to the sector in protecting the credit quality of the players, the out-turn of the situation, and its relative impact on the risk profiles of industry players, is yet to unfold in the days to come. The ratings, however, take comfort from the association of NRSP Microfinance Bank with the National Rural Support Programme, the major shareholder, and with the three foreign development organizations – IFC, Acumen, and KfW. The major sponsor has expressed explicit intention to support the bank in case there is a need for capital injection.

The ratings are dependent upon the bank’s ability to aptly combat the emerging risks under the current scenario in order to keep its business and financial risk profile intact. Meanwhile, any further contraction in net liquidity book or erosion in CAR would have a negative impact on the ratings.

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October 26, 2020

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 edge to the Company. The company has attained formidable market share by penetrating retail segment. The strategic realignment executed over the last few years by channeling 60% volumes (previous: 10% of sales mix) to retail market has been fruitful.

The capacity expansion project, achieving CoD in few months, will further enable Mughal to increase its efficiency and market presence. The reported profitability of FY20 shows Mughal is holding its position. Durable output was reported with the decline in profitability due to increased finance costs. Margins witnessed slight reduction, an industry wide phenomenon, primarily attributable to global increase in prices of raw material (scrap, iron) and depreciation of Pak Rupee.

The ratings incorporate the essence of material advancement that the company has achieved in terms of further diversity in revenue streams, which will add not only to the top line but also enhanced profitability, going forward. The management is eying to further improve capacity utilisation for upcoming months. Covid-19 has posed challenges to almost all segments of the economy, worldwide and domestically, where negative implications are being observed on steel sector. The ramifications would continue to unfold, warranting vigilance and timely actions where needed. However, Mughal’s performance is expected to remain strong.

The Company is planning to issue a Sukuk of PKR 3,000mln which will be used for meeting working capital requirements. This along with declined key policy rate will result in material savings in upcoming years. Going forward, vigilant management of working capital and proper channeling of additional capacity are essential to support comfortable repayments. The ratings take comfort from decades long association of the sponsor family with steel and allied business.

The ratings are dependent upon the company’s ability to sustain its healthy business profile amidst strong competition, herein, effective and prudent management of financial risk indicators remain important. Moreover, upholding of governance framework is vital.

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