Press Release

JCR-VIS assigns Final Rating of AA to the PTC issue of Treet Corporation Limited

Karachi, October 23, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned final rating of ‘AA’ (Double A) to the Participatory Term Certificates (PTC) of Treet Corporation Limited (TCL) after examination of the signed legal documents. Outlook on the rating is ‘Stable’.

The secured, listed, convertible participatory redeemable capital of Rs. 1.255b has been issued for a period of 7 years. PTCs have been offered by way of a renounceable right offer to the existing shareholders in accordance with their existing shareholding. The PTCs have mandatory yearly conversion into common stocks at a predetermined price to the extent of 96.5% of the value of the issue price of PTC, while the remaining portion will be redeemed in cash. The instrument is structured to provide an opportunity of profit sharing to the PTC investors under a tiered mechanism.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 or Mr. Maimoon Rasheed at 042-36610681-84.



Abdur Rahim
Advisor

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