July 17, 2026 (MLN): Agro Processors and Atmospheric Gases Limited (APAG) has had its entity Long Term rating upgraded to 'A' (Single A) from 'A-' (Single A Minus) by VIS Credit Rating Company, while the Short Term rating has been maintained at 'A2' (A Two), with a 'Stable' outlook.

According to VIS, the Long Term rating of 'A' signifies good credit quality with adequate protection factors, though risk factors may vary with possible changes in the economy.

The Short Term rating of 'A2' indicates a good likelihood of timely repayment of short-term obligations, supported by sound short-term liquidity factors.

The previous rating action on the Company was taken on October 20, 2025.

VIS said the ratings reflect APAG's established market position in Pakistan's edible oil and fats industry, supported by a portfolio of well-recognized brands.

The Company's experienced sponsor group, strengthened governance framework, and seasoned management team were cited as providing stability and supporting strategic execution, with continued enhancements to governance and institutional practices aligned with the Company's long-term objective of pursuing a public listing.

Operational performance has strengthened, as reflected in improved capacity utilization and sustained growth in both domestic and export sales, the rating agency noted.

Profitability recovered during FY25 and remained healthy in 9MFY26, supported by higher sales volumes, improved pricing, and better operating performance.

The financial risk profile was assessed as adequate, underpinned by comfortable debt servicing capacity, improving cash flow generation, and adequate capitalization.

VIS noted that while the Company remains exposed to international commodity price fluctuations and exchange rate volatility that may affect earnings, the assigned ratings are underpinned by the successful execution of projected business plans, encompassing growth in revenues, profitability, and cash flows, while maintaining prudent capitalization, liquidity, and debt coverage metrics.

Established in 1980, APAG is engaged in the manufacturing and marketing of branded edible oils, banaspati, margarine, industrial fats, and sauces, with its registered office and production plant located in the Site Area, Karachi.

The Company serves both B2B and B2C markets under brands including Soya Supreme, Malta, Champion, Taqat, and Smart.

, the company has applied for listing on the Main Board of PSX.

The total issue size of the Initial Public Offering comprises of 58,049,541 Ordinary Shares having par value of Rs 2 each using Book Building Method at a Floor Price of Rs32 per share.

KTrade Securities Limited is the Lead Manager to the Issue.