Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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Subsequent to the redemption of the Sukuk, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of AGP Limited | Sukuk | Jun-17.
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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.