The Pakistan Credit Rating Agency Limited
29-May-23
Analyst
Muhammad Harris Ghaffar
harris.ghaffar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
Related Research
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PACRA Withdraws Entity Ratings of Avanceon Limited
| Rating Type | Entity | |
|
Current (29-May-23 ) |
Previous (10-Jun-22 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to management's decision to discontinue the entity ratings of Avanceon Limited, PACRA withdraws the entity ratings of Avanceon Limited.
About
the Entity
Avanceon Limited (the Holding Company) was incorporated in Pakistan on 26 March 2003 as a private limited Company and converted to a public Company on 31 March 2008 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). The Company is listed on Pakistan Stock Exchange Limited. The majority shareholding is vested in Mr Bakhtiar HameedWain (CEO and founder of the company) at 61.3% and Mr. Amir Wain at 10.8%. Avanceon has two wholly-owned subsidiaries: Avanceon Free Zone Establishment, UAE (AFZE) and AvanceonSaudi for Energy Co. Avanceon has a 49% subsidiary in Qatar (Avanceon Automation and Control W.L.L). Avanceon also has an 80% ownership stake in Octopus Digital Limited. Avanceon has seven BOD which includes three independent, two executive (CEO and president of the company), and two non-executive directors.
Mr. Bakhtiar Hameed Wain is the CEO and founder of the company with over 30 years of experience in leading global companies such as Exxon Chemicals, Fauji Fertilizer, ICI Ltd, andAvanceon