The Pakistan Credit Rating Agency Limited
25-Oct-24
Analyst
Faiqa Qamar
faiqa.qamar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Corporate Rating | Jul-24
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Withdraws Entity Ratings of Zaver Petroleum Corporation (Pvt.) Limited
| Rating Type | Entity | |
|
Current (25-Oct-24 ) |
Previous (21-Dec-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the Entity Ratings of Zaver Petroleum Corporation (Pvt.) Limited with immediate effect.
.
About
the Entity
Zaver Petroleum Corporation (Pvt) Limited ('Zaver' or 'the Company') was incorporated in Pakistan on 25-Aug-91. The Company is primarily engaged in exploration, development and production of oil and natural gas reserves. Sponsoring Family holds major shareholding, i.e. ~67.9%, in the Company; through individuals and associated undertakings. The Board, comprising the sponsors, is Chaired by Mr. Sadruddin Hashwani. While, Mr. Kamran Ahmed heads the Company as the CEO. He is aided by a team of seasoned professionals.