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The Pakistan Credit Rating Agency Limited
Press Release

Date
23-Sep-22

Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com

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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 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.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.