logo
The Pakistan Credit Rating Agency Limited
Press Release

Date
18-Oct-22

Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com

Applicable Criteria

Related Research

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA withdraws the Rating of AGP Limited | Sukuk | Jun-17

Issuer AGP Limited
Instrument Sukuk
Amount PKR 2448 mln
Issuance Date 09-Jun-17
Tenor 05 Years
Redemption Date 09-Jun-22
Outstanding Amount -

Rating Type Debt Instrument
Current
(18-Oct-22 )
Previous
(26-Oct-21 )
Action Redeem Maintain
Long Term - A+
Short Term - -
Outlook Stable
Rating Watch - -

AGP Limited (the "Company") issued a rated, secured, privately placed Islamic certificate ("Sukuk") of PKR 2,448mln on June 09, 2017. The purpose of the instrument was to refinance the outstanding long-term debt of the Company. The tenor of the instrument was 05 years and carried a profit rate of 3MK+130bps. The Company has paid in full, all markup and outstanding principal amount in a timely manner. The Sukuk has been redeemed on June 09, 2022.
Subsequent to the redemption of the Sukuk, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of AGP Limited | Sukuk | Jun-17.
.

About the Entity
AGP Limited (AGP) is a listed pharmaceutical company; the operations of the entity have been in Pakistan since 1989. It is majority-owned by Aitken Stuart Pakistan (Private) Limited with shareholding previously held by OBS Pakistan (Private) Limited; although the sponsor remains the same, followed by strategic partners: Muller & Phipps (M&P), Baltoro Growth Fund (BGF), Bank Alfalah, High Q Pharmaceuticals and Aspin Pharma. The seven-member BoD comprises three representatives of OBS Group, one each of M&P and BGF, and two independent directors. The board comprises experienced professionals from pharmaceutical and financial backgrounds. The Chairman, Mr. Tariq Moinuddin Khan, is the sole brain behind the OBS Group. Mr. Khan, CPA from Canada, carries over three decades of domestic and international professional experience. The MD & CEO, Ms. Nusrat Munshi, has close to 30 years of experience, inclusive of 10 years of pharmaceutical industry experience. She is supported by an experienced core management team.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.