AGPL starts restructuring inherited loans

In an effort to further consolidate and fortify its financial position, committed leadership of Admore Gas Private Limited (AGPL) has begun the process of restructuring inherited loans. The AGPL spokesman said that the previous management had defaulted on the loan facility of Rs 300 million from First Dawood Investment Bank Limited (FDIBL) in the year of 2007.
Licensed in 2003, Admore Gas is a relatively young and rising oil marketing company, poised to make its mark on the Pakistani oil industry. The Company has recently been taken over by new management, which has devised a comprehensive road map to set Admore on the path of growth and expansion.
The said liability of the bank was shifted in part to respective institutions including Rs 105 million to National Industrial Parks Development (NIPD). "Out of the facility of Rs 300m, the AGPL has already re-paid the significant balance to other institutions and completely paid off the balance repayable to the FDIBL," the spokesman said.
He said the management is currently involved in settling the liability with NIPD. "In this regard, both parties are already in the process of submitting their rescheduling proposals to complete the out of court settlement, proposed by the NIPD. It is to be noted that to date Rs 5.25 million have already been paid by Admore to the NIPD. "In line with its commitment and successful efforts to reschedule all the legacy defaulted liabilities with various institutions, Admore has paid close to Rs 1 billion out of total defaulted legacy liabilities of Rs 2 billion, thereby clearing half of its financial liabilities in a very short period of time," he added.
Meanwhile, CEO Admore Nadeem Jafarey said that Admore is firmly committed to conducting all its business practices in the most proficient, transparent and compliant manner. "We have successfully launched multi-tiered development plans which include further improving the company's financial position and addressing all previous liabilities to emerge as a secure, highly solvent company," he added. "We have also currently undertaken construction of new storage facilities, up-gradation of our retail network, enhancing supply chain reliability and are thereby striving to achieve overall operational excellence," he said.