The Pakistan Credit Rating Agency Limited
25-May-23
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-22
- Methodology | Debt Instrument Rating | Jun-22
- Methodology | Rating Modifiers | Jun-22
Related Research
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PACRA withdraws the Rating of Cnergyico Pk Limited | Sukuk | Jan-17 | Redeemed
| Issuer | Cnergyico Pk Limited ( Formerly: Byco Petroleum Pakistan Limited ) |
| Instrument | Sukuk |
| Amount | PKR 3120 mln |
| Issuance Date | 18-Jan-17 |
| Tenor | 6 Years |
| Redemption Date | 15-Mar-23 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (25-May-23 ) |
Previous (25-Nov-22 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | AAA |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Cnergyico Pk Limited ("Cnergyico" or "the Company") issued a rated, secured, privately placed Islamic certificate Cnergyico Pk Limited | Sukuk | Jan-17 ("Sukuk") of PKR 3,120mln in Jan'17. The purpose of this instrument was to finance capital expenditure towards the expansion of the Company's power, storage, and processing infrastructure. The Sukuk had a tenor of six (6) years. The profit was being paid quarterly in arrears at the rate of 3MK+1.05% p.a. The principal repayment commenced from Apr'19. The Company paid all rental payments and entire principal of the Sukuk. The Sukuk is paid in its entirety on March 15, 2023.
Subsequent to the redemption of instrument, the Pakistan Credit Rating Agency (PACRA) withdraws the Rating of Cnergyico Pk Limited | Sukuk | Jan-17.
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, Cnergyico has the highest refining capacity, in the country. The company is a subsidiary of Cnergyico Mu Incorporated (CMI) (formerly Byco Industries Incorporated (BII)), Mauritius, which currently holds 70.73% shares in the company, while the rest is spread among other Financial Institutions and General Public. Mr. Amir Abbassciy has been the Chief Executive Officer of Cnergyico since January 1, 2017.