Press Release

VIS Finalizes Rating of At-Tahur Limited’s Short-Term Sukuk 3 (STS-3)

Karachi, April 20, 2026: VIS Credit Rating Company Limited (VIS) has finalized short term rating of ‘A1 (plim)’ (A One preliminary) assigned to At-Tahur Limited’s (‘PREMA’ or ‘the Company’) Short-term Sukuk 3 (STS-3). Short term rating of ‘A1’ reflects strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Previous rating action was announced on February 18, 2026. VIS reaffirmed the entity rating of the Company at ‘A-/A2’ (Single A Minus/A Two) on June 10, 2025.

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. Assessment of financial position reflects stability in financial metrics in FY25, with modest improvement in 1HFY26, and further uptick in financial indicators projected.

PREMA issued a privately placed and listed Short-Term Sukuk 3 (STS-3) amounting to Rs 800 million (inclusive of PKR 100 million green shoe option) with a tenure of less than 12 months, to finance working capital needs. The issuance date and redemption date are April 13, 2026 and March 29, 2027. The instrument carries quarterly principal and interest redemptions. The profit rate is benchmarked to the three-month Karachi Interbank Offered Rate (KIBOR) plus 1.3% basis points, fixed on the last working day prior to issuance and subsequently on last business day prior to the beginning of each quarterly period. Security of the STS-3 includes ranking charge over current assets and biological assets amounting to PKR 900m with a 25% margin and a defined Sukuk redemption mechanism.

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 April 20, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.