Analyst
Hamza Ghalib
hamza.ghalib@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws Entity Ratings of Pakistan State Oil Company Limited
Rating Type | Entity | |
Current (03-May-19 ) |
Previous (31-Oct-18 ) |
|
Action | Withdraw | Maintain |
Long Term | - | AA |
Short Term | - | A1+ |
Outlook | - | Stable |
Rating Watch | - | - |
On account of non-renewal of rating mandate, PACRA has withdrawn entity ratings of Pakistan State Oil Company Limited.
About
the Entity
PSO is listed on Pakistan Stock Exchange (PSX). The company is 22% owned by Government of Pakistan (GOP), ~15% by NBP, and 3% by PSOCL Employee Empowerment Trust. Other major shareholders comprise financial institutions (~45%) and the general public (~15%). GOP exercises its control through direct and indirect holding. With a network of 3,514 retail outlets (company operated: 25) and ~50% market share during FY18 (FY17: ~54%). PSO is primarily engaged in storage, distribution, marketing and import of petroleum and related products. A.F.Ferguson & Co., a member firm of PWC, and EY Ford Rhodes are the external auditors of the company. They have expressed an unqualified opinion on the company’s financial statements at end-Jun18.