Lahore—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. “In the year 2007, the previous management had defaulted on the loan facility of Rs 300 million from First Dawood Investment Bank Limited (FDIBL),” said the spokesman of AGPL. Licensed in 2003, Admore Gas Private Limited (AGPL) 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,” added the spokesman. He added that the said liability of the bank was shifted in part to respective institutions including Rs105m to National Industrial Parks Development (NIPD). “Out of the facility of Rs300m, AGPL has already re-paid the significant balance to other institutions and completely paid off the balance repayable to FDIBL,” said the spokesman. 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 NIPD,” said the spokesman. It is to be noted that to date Rs5.25m have already been paid by Admore to NIPD. “In line with its commitment and successful efforts to reschedule all the legacy defaulted liabilities with various institutions, Admore has paid close to Rs1b out of total defaulted legacy liabilities of Rs2b, thereby clearing half of its financial liabilities in a very short period of time,” he added.
Meanwhile, CEO Admore Nadeem Jafarey explained the company’s future outlook: “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,” concluded Jafarey.