Analyst
Wajeeha Asghar
wajeeha.asghar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the Rating of Cnergyico Pk Limited | PP Sukuk | TBI
Rating Type | Debt Instrument | |
Current (27-Dec-22 ) |
Previous (27-Dec-21 ) |
|
Action | Withdraw | Preliminary |
Long Term | - | A |
Short Term | - | - |
Outlook | Stable | |
Rating Watch | - | - |
Cnergyico was in process of issuing a privately-placed Sukuk (PPIC) of PKR 7,000mln (inclusive of green shoe option of PKR 2,000mln). The Sukuk, having an original tenor of 5 years (including 2-yearar grace period), has quarterly coupon payments payable at 3-month KIBOR plus 2.20% - 2.50%. However, the management of the Company has decided to withdraw the bond rating.
Subsequent to the management decision, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Cnergyico Pk Limited | PP Sukuk | TBI.
About
the Entity
Cnergyico, incorporated in 1995, is listed on the Pakistan Stock Exchange. It is engaged in the manufacturing, production, and sale of a large range of petroleum products via its refinery and marketing segments. The refinery complex of the company comprises two refineries. With the aggregate designed capacity of ~155,000 barrels per day. The company is a subsidiary of Cnergyico Mu Incorporated (CMI) Mauritius, which currently holds 69.83% shares in the company after sale of 22% shares by IGCF Oil & Gas Limited (formerly Abraaj Mauritius Oil & Gas Limited). Mr. Amir Abbassciy is the CEO of Cnergyico since Jan, 2017.
About
the Instrument
Cnergyico was in process of issuing a privately-placed Sukuk (PPIC) of PKR 7,000mln (inclusive of green shoe option of PKR 2,000mln). The Sukuk, having an original tenor of 5 years (including 2-yearar grace period), has quarterly coupon payments payable at 3-month KIBOR plus 2.20% - 2.50%. However, the management has decided to hold the issuance process and withdraw the rating of the instrument,