Press Release

VIS Assigns Preliminary Rating to At-Tahur Limited’s Proposed Short-Term Sukuk 3 (STS-3)

Karachi, February 18, 2026: VIS Credit Rating Company Limited (VIS) has assigned preliminary rating of ‘A1 (plim)’ (A One preliminary) to the proposed Short-term Sukuk of At-Tahur Limited (‘PREMA’ or ‘the Company’). Short term rating of ‘A1’ reflects strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Rating will be finalized on review of final documents. VIS reaffirmed the entity ratings of the Company at ‘A-/A2’ (Single A Minus/A Two).

The Company is involved in farming operations since 2008 and introduced its brand ‘Prema’ in the market in 2009, launching premium quality pasteurized milk, and subsequently launched other products such as whole milk, low-fat milk, ranges of yogurt, laban & flavored milk, butter, cheese, eggs and honey.

PREMA intends to issue a privately placed and listed Short-Term Sukuk 3 (STS-3) amounting to Rs 900 million (inclusive of PKR 200 million green shoe option) with a tenure of less than 12 months, to finance working capital needs. The instrument shall have quarterly principal and interest redemptions. The profit rate will be benchmarked to the three-month Karachi Interbank Offered Rate (KIBOR) plus 1.3% basis points. The base rate will be set on the last business day before the first disbursement and subsequently on the last business day prior to the beginning of each quarterly period. Assigned rating reflects the security structure of the proposed STS-3 providing a charge over the current assets and biological assets of the Company amounting to PKR 900 million with a 25% margin. In addition, a defined Sukuk redemption mechanism provides comfort. Assessment of financial position reflects stability in financial metrics in FY25, with modest improvement in 1QFY26 and further uptick financial indicators projected.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale:
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Instrument Rating:
(https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright February 18, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.