Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the entity ratings of Gul Ahmed Energy Limited.
Rating Type | Entity | |
Current (15-Jul-22 ) |
Previous (10-Nov-21 ) |
|
Action | Withdraw | Maintain |
Long Term | - | A- |
Short Term | - | A2 |
Outlook | Stable | |
Rating Watch | - | - |
Subsequent to the management's decision to discontinue the entity ratings of Gul Ahmed Energy Limited, PACRA withdraws the entity ratings of Gul Ahmed Energy Limited with immediate effect.
About
the Entity
Gul Ahmed Energy Limited, successfully implemented a 136.17 MW RFO private power project under the 1994 Power Policy of the GoP on a Build, Own, Operate (BOO) basis. Gul Ahmed Energy Group holds 67.68% shares, second largest shareholders are the Toyota Tsusho Corporation owning 18.62%, Tomen Power (Singapore) P.T.E Limited owns 12.78% of GAEL and Wartsila owns 0.92%. Gul Ahmed Energy Group is one of Pakistan’s leading business groups and has been in existence since 1948. It has a highly diversified portfolio of businesses and investments. BoD comprises of eight members including the Chief Executive Officer. The board members are professionals with experience in managing the business affairs of companies in different sectors. The board includes six representatives of Gul Ahmed Energy Group, one representatives of the Toyota Tsusho Corporation and one representative of Tomen Power (Singapore) P.T.E Ltd. Mr. Danish Iqbal is the CEO of the company. Mr. Danish has over twenty years of experience in the industry. The total estimated cost of the project was USD 140mln. Debt financing constitutes 70% of the project cost i.e. USD 97mln, which was financed from foreign financial institutions IFG contributed USD 62 million and remaining USD 35 million was contributed from ING bank. All the debt of the company has been fully paid in 2009.