Pakistan Credit Rating Agency (Pacra) has placed Azgard Nine Limited on rating watch following its acquisition of Pak-American Fertilisers.
The Cabinet Committee on Privatisation has recently approved the sale of Pak-American Fertilisers Limited to the consortium of Azgard Nine Limited and Jahangir Siddiqui group.
The consortium, being led by Azgard Nine, is in the process of arranging requisite funds. Following this development, Pacra has placed the ratings (Long-term: A, Short-term: A1, TFCs: A+) of Azgard Nine Limited on rating watch.