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The Pakistan Credit Rating Agency Limited
Press Release

Date
27-Dec-22

Analyst
Wajeeha Asghar
wajeeha.asghar@pacra.com
+92-42-35869504
www.pacra.com

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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 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Subsequent to the management decision, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Cnergyico Pk Limited | PP Sukuk | TBI.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,

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.