Pakistan Credit Rating Agency Limited (Pacra) has maintained the long-term and short-term ratings of Pak Libya Holding Company (Pvt) Limited (PLHC) at "AA-" (Double A minus) and "A1+" (A one Plus), respectively. Besides, the rating of the Privately Placed Term Finance Certificates (PPTFC) of Rs 750 million is also maintained at "AA" (Double A). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.
Pak Libya Holding Company (Pvt) Limited is a joint venture between Pakistan and Libya symbolising the ever strengthening relationship between the two nations. It was established as a joint stock Company on October 14, 1978. The main objective of PLHC is to promote the economic development of Pakistan in all the sectors including power, textiles, sugar, cement, chemicals etc.
The company operates as a Development Finance Institution (DFI) and is engaged in various investment and financing activities in the areas of project financing, investment banking and capital & money market operations. Over the last 30 years plus; PLHC has provided financial assistance of over Rs 30.00 billion to numerous projects in Pakistan in the Textile, Chemicals, Engineering, Power, Cement, Sugar, Pharmaceutical, Education, Health and Fertiliser sectors. The Company's total assets base, comprising mainly advances and investment portfolio, stands at Rs 15 billion as on March 31, 2013. The shareholders of Pak-Libya, in their meeting held on April 29, 2013, have decided to increase the Authorised Capital of the Company by Rs 4.00 billion viz. to Rs 12.00 billion. In this respect, necessary formalities are being completed.
With a view to promote domestic debt market and mobilise resources for its ongoing business activities, Pak-Libya floated Privately Placed Term Finance Certificates (PPTFC) of Rs 750 million in 2011 with AA rating. PLHC has a strong and resolute management, diverse human resource and constant enthusiasm and drive to excel in its area of operations. With the recent appointment of Company's long associated veteran Abid Aziz as Managing Director who has a professional experience of more than three decades, the Company is in the process of rehabilitation and implementing a detailed business strategy to turnaround the financial position of the company and the results of such efforts are expected to show positive trend in the ensuing years. The Company has also been endeavouring to promote trade ties between two nations under mutually beneficial terms.-PR
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