Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws Entity Ratings of Askari Cement Limited
Rating Type | Entity | |
Current (23-Sep-22 ) |
Previous (24-Sep-21 ) |
|
Action | Withdraw | Maintain |
Long Term | - | A |
Short Term | - | A1 |
Outlook | Stable | |
Rating Watch | - | - |
Subject to the successful merger of Askari Cement Limited (ACL) with and into Fauji Cement Company Limited (FCCL), ACL cease to exist as a separate entity. Therefore, as per the managements consent, PACRA withdraws entity ratings of Askari Cement Limited with immediate effect.
About
the Entity
Askari Cement Limited (ACL) is an unlisted, public limited company incorporated in 1990. The Company is a wholly owned subsidiary of Fauji Foundation and the production facilities are located in the North region (Wah and Nizampur). Fauji Foundation has another cement company named ‘Fauji Cement Company Limited. The overall control of the company vests in the seven-member board of directors (BoD), including the CEO. The sponsor-dominated board is chaired by Chairperson – Mr. Waqar A Malik who is also associated with several Fauji Foundation companies boards. His professional experience spans over 30 years which includes managing and leading businesses in the petrochemicals, consumer, and life sciences industries. The CEO, Mr. Qamar Haris Manzoor has a master's in Chemical Engineering from the US and holds over 33 years of experience in plant and project management. He is assisted by well-experienced team members.