Lahore: Select Technologies Pvt. Limited, a subsidiary of Air Link Communication Limited, has issued its fourth Rated, Secured, Privately Placed, Short-Term Sukuk-IV valued at PKR 3.5 billion. The sukuk, issued on December 18, 2025, is secured by a ranking charge over the company's current assets and will be redeemed in three equal installments starting four months after the issue date.
According to The Pakistan Credit Rating Agency Limited, Select Technologies specializes in the manufacturing, assembling, and selling of Xiaomi smartphones and related accessories in Pakistan. Despite a decline in Xiaomi's market share in the country, Select has reported improved quarterly performance with net sales reaching approximately PKR 11,332 million in the first quarter of fiscal year 2026. The company has also entered a strategic partnership with a global consumer electronics brand to manufacture and distribute home appliances, including Smart TVs and Air Conditioners, in Pakistan.
The company's financial risk profile is supported by its working capital cycle, coverage ratios, and cash flows, though it operates with a leveraged capital structure. The rating of the sukuk depends on Select's ability to sustain its market position and adhere to financial covenants, including maintaining free cash flow coverage of its gross sukuk obligations.
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