Press Release

VIS Maintains Entity Ratings of Lucky Core Industries Limited (Formerly ICI Pakistan Limited)

Karachi, February 28, 2024: VIS Credit Rating Company Limited (VIS) maintains entity ratings of Lucky Core Industries Limited (Formerly ICI Pakistan Limited) to 'AA/A-1+' (Double A/A One Plus). Medium to long term rating of 'AA' indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of 'A-1+' indicates highest certainty of timely payment; short-term liquidity, including internal operating factors and /or access to alternative sources of funds, is outstanding and safety is just below risk free Government of Pakistan’s short-term obligations. Outlook on the assigned ratings has been changed to 'Stable'. Previous Rating action was announced on July 10, 2023.

Lucky Core Industries Limited (LCI) is a diverse conglomerate operating across various sectors including chemicals, pharmaceuticals, and agri-products. The company specializes in manufacturing soda ash, polyester staple fiber, and a range of pharmaceuticals. LCI is listed on the Pakistan Stock Exchange Limited (PSX) and has stakes in energy and nutrition, with facilities spread across Karachi, Lahore, and other cities. In FY22, the company reduced its stake in NutriCo Morinaga to 24.5% and established two new subsidiaries namely Lucky TG (Private) Limited and Lucky Core Ventures (Private) Limited (LCV).

Change in outlook reflects LCI's decision to withdraw its bid to acquire a 75.01% stake in Lotte Chemical Pakistan Limited, as conditions precedent to the share purchase could not be met within the stipulated time and therefore, the negotiations in respect of the transaction failed in terms of Regulation 21(1 (b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2017. This move led to reassessment of LCI's rating, previously placed under 'Rating Watch – Developing' pending assessment of the acquisition on the LCI business and its financial risk profile. Withdrawal of the bid has now reverted LCI's rating outlook to 'Stable', reflecting expectations that its industry position, risk profile, and financial metrics will remain stable without any impact of the shelved acquisition plans.

For further information on this ratings announcement, please contact Mr. Muhammad Subhan (Ext: 202) or the undersigned (Ext: 208) at 021-35311861-64 or email at

Syed Asif Ali
Executive Director
Applicable Rating Criteria:
Industrial Corporates
VIS Issue/Issuer Rating Scale

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