Lahore, June 14, 2018 (PPI-OT): K-Electric Limited (KE) from time to time has obtained extension from SECP for holding AGM for 2017 on the basis that a reconsideration application had been filed with NEPRA by Ministry of Energy, GOP to review MYT for KE. In a letter sent to PSX dated 23 May, 2018, it was informed that SECP has now directed the company to hold AGM latest by 25 July 2018. The only critical element in this is determination of MYT by NEPRA.
Given extension in holding of AGM for FY17 and subsequent delay in quarterly accounts, PACRA maintains the assigned Rating Watch (Developing Status) to the rating of KE. PACRA would continue to monitor the developments and will update its rating opinions accordingly.
For more information, contact:
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