Author Topic: PKGP -- Pakgen Power Limited  (Read 286297 times)

0 Members and 1 Guest are viewing this topic.

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
PKGP -- Pakgen Power Limited
« Reply #-1 on: June 09, 2011, 12:14:29 PM »
Pakgen Power presents its offer for sale to investors
Salim Ahmed


Lahore—Pakgen Power Limited held its investment road show to promote its upcoming Offer for Sale of shares to the general public here at LSE which was attended by members, industry analysts & investors. Pakgen Power has applied for listing at both Lahore Stock Exchange & Karachi Stock Exchange, and has been approved by both the Exchanges. The public subscription of the offered shares will be held on 14th & 15th June all across Pakistan. Senior management, advisors & other officials represented Pakgen, an associate company of one of the largest & most diversified business house Nishat Group and explained in detail the business operations and Offer’s description.

The IPO road show was warmly welcomed by the investment fraternity who will have an opportunity to invest in the first public offering of shares after a gap of more than one year. Mr. Aftab Ahmed Ch., M.D., LSE while speaking on the occasion expressed hopes that the coming year will see a lot more flourishing IPO market. He said that this road show will hopefully provide investors with an opportunity to evaluate the company and make a more informed investment decision. He also reiterated LSE’s commitment to take such initiatives in the future to improve information parity in the marketplace.

Introducing the company, Mr. Shahid Khan, CEO of Pakgen said that the company is in the business of operating a Fuel Fired Thermal Power Plant with a net generation capacity of 337MW sold the WAPDA.The plant which is located in Muzaffargarh, Punjab started commercial operations in 1998 and has an impressive dividend payout record over a very long period. The company was acquired in 2010 by a consortium and now Nishat Group holds around 50% and Stanhope Investments of Abu Dhabi holds around 30% of Pakgen’s shares. Mr. Shahid Khan also apprised the participants on the strategic location of the plant, security arrangements and Corporate Social Responsibility (CSR) initiatives of the Company. Answering a question about the damage to the plant during the floods, he informed that not only that the rehabilitation efforts were completed in a record time but also the financial loss to the company has been recovered insurance claims and to safeguard against such future threat a 20 feet high concrete wall has been constructed around the plant. In reply to another query he informed that the company is constantly on the lookout for opportunities to increase plant efficiencies and has recently made a 1 million USD investment in a cooling tower project which is expected to result in huge savings to the company.

Mr. Bilal Moti, CEO of Arif Habib Limited while introducing the offer informed that the current offer of 37 million shares at PKR 19 per share is out of existing shareholdings of the company representing 10% of the total capital. Answering queries regarding justification of the premium being charged he claimed that the company is financially much more secure and has a higher dividend yield than its competitors. He commented that as per the valuation carried out, the value per share comes out to be around PKR 24 and hence is being offered at an attractive discount of 22% to the public. Mr. Aftab Ch. in reply to a query on provisional trading of shares at the Exchanges agreed that provisional listing could have helped investors in gauging the potential of the company before investing and for that reason LSE had recommended provisional listing of the company but as the company did not meet minimum criteria of provisional listing at the KSE, therefore, it was eventually not provisionally listed on any Exchange.

Mr. Khalid Qadeer, Director Finance of Pakgen Power presented an overview of the company’s financials also during the roadshow. Mr. Rashid Sadiq, R. S. Corporate Advisory which is acting as consultant to this offer was also present on the occasion.
« Last Edit: February 22, 2012, 08:57:40 PM by M&M »
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Pakinvestorsguide

PKGP -- Pakgen Power Limited
« Reply #-1 on: June 09, 2011, 12:14:29 PM »

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« on: June 09, 2011, 12:56:18 PM »
The owner’s (Nishat Group, Stanhope Investments (Abu Dhabi Group) and Engen
a subsidiary of Citi School) are divesting 13.89% (51.69mn shares) shareholding in
the company through private placement and offer for sale. The company through
private placement has allocated 14.48mn shares while the remaining 37.21mn is
being offering to general public of PKR 19/share on 14th & 15th June, 2011.

Company Brief
PakGen (formerly AES PakGen) was acquired by the consortium of Nishat Group,
Abu Dhabi Group and a subsidiary of Citi School in June 2010. The company
incorporated in June 1995 and commenced operations in February 1998 under the
power policy of 1994. Pakgen operate and maintain an FO based 365MW power
unit and is located in Mehmood Kot - Muzaffargarh, Punjab. Pakgen has signed a
PPA (Power Purchase Agreement) with WAPDA in September 1995, which
expires in 2027 (valid for 30years).

Briefing Highlights
? The Company disclosed that by May 2011, it had earned net earnings of PKR
1,004mn (EPS: PKR 2.7/share). Moreover, the company has declared a
dividend of PKR 1.0/share with its 1Q results. However, the book closure for
the disbursement of this dividend is planned after the current public offer.

? The management believes that It will be able to announced another dividend
of around PKR 2.5/share in the 2HCY11 while earnings are being anticipated
to be around PKR 5.7/share.

? Company’s tariff was approved at an efficiency level of 38.6% whereas it is
currently operating around of 37.5%. Company plans to invest PKR1.0bn in
next year in order to improve the efficiency level of the plant.

? In order to run the plant in efficiently company is evaluating number of options
for converting its power from Furnace Oil to Coal or liquid Natural Gas (LNG)
or Bio-fuels. Currently the management is conducting number of feasibility
studies for the conversion of its current plan

? After 2010 floods, company was forced to replace its electrical equipment,
however since it was covered, the company expected to receive PKR 550mn
from the insurance company soon

? According to company’s Agreements with power purchaser, it is bound to
receive a penal interest at Discount Rate + 2% from WAPDA. The company
In order to avoid penal interest charge to fuel supplier pays them in as it is
due. The company manages this through credit lines worth of PKR 6.8bn
which cost around 1-6M KIBOR + 1.5-2.5%.

? According to the information memorandum, company is expected to post
earnings of PKR 5.6/share and PKR 4.5/share in CY12 and CY13
respectively whereas the company’s dividend payout is expected to stand at
PKR4.2/share for both CY12 and CY13.


CY08 CY09 CY10
Total Assets 19.14 17.36 19.32
Total Equity 12.00 13.59 13.75
Revenues 24.75 21.84 20.51
Gross Prof it 3.33 4.76 2.56
Profit After Tax 233% 263% 154%
Gross Prof it Margin 13% 22% 12%
Net Margin 9% 12% 8%
Return on Equity 19% 19% 11%
EPS - Rs 6.25 7.08 4.13
DPS - Rs 8.78 2.79 3.70
Payout Ratio 140% 39% 89%
Since Arif Habib Limited is the Financial Advisor of this transaction therefore
our coverage is restricted. This write up is for informative purpose only.
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #1 on: June 10, 2011, 06:10:36 PM »
Company Update – Pakgen Power Limited
Pakgen to enter the bourse
Pakgen Power Limited (formerly known as AES Pakgen) is seeking public subscription of
13.89% shares from total issued shares of 372mn on Jun14-15’11. Pakgen’s total
transaction size is 51.69mn shares, where 14.5mn shares were privately placed while
37.2mn shares are being offered to the general public. Offer for sale is being done at a
price of PKR 19/share which is inclusive of a premium of PKR 9/share. In addition,
successful subscribers will be eligible to receive dividend of PKR 1.00/share announced
earlier.

Favorable policy, strong fundamentals
Operating under 1994 power policy, Pakgen is given a tax holiday for a period of 30yrs
similar to that of HUBC (KAPCO only had a 10yr tax holiday which ended in FY08). The
company has a fuel supply contract with PSO for a period of 30yrs and is in the practice of
making a 7 day advance payment to PSO which prevents a built up of payables and the
resulting penal interest. On the other hand the company continues to enjoy a spread of 2%
over benchmark rates on its receivables while continuing CPP payments ensure cash
availability for payout in case of stoppages due to non-availability of fuel or lower
requirement by the government. A key characteristic that sets apart the company is the
absence of any long term debt which enables the company to utilize its cash more
effectively.
The management is strongly pursuing alternative fuels for its plant including coal and
biofuels. According to the management, any resulting cost savings will be equally divided
between the GoP and the company. Moreover, the management has indicated that
insurance claims of ~PKR 550mn (on account of losses suffered due to floods in CY10) are
expected to be settled during 2H CY11. The company expects that it will be able to pass on
the benefit to its shareholders in the form of a cash dividend of PKR 2.5/share.

PKR (mn) CY10 CY11E CY12E CY13E CY14E CY15E
Net revenue 27,972 33,065 34,132 34,699 32,711 31,262
EBITDA 2,646 2,525 3,411 3,031 2,258 1,994
Net profit 1,431 1,339 2,119 1,709 949 679
EPS (PKR) 3.84 3.60 5.69 4.59 2.55 1.83
DPS (PKR) 3.70 3.58 6.95 8.78 2.79 3.70
ROE (%) 10.40 9.63 14.32 11.17 6.32 4.70
Dividend Yield* (%) 19.47 22.05 22.50 22.48 22.48 22.92
Source: Investor conference, Offer for sale document, *on offer price

Better than the lot?
We compare Pakgen with two other IPPs – HUBC and KAPCO – operating under the same
policy. On an LTM basis, Pakgen seems undervalued as the offer prices implies a PE
multiple of 5.28x compared to HUBC’s 7.90x and KAPCO’s 5.85x. Moreover, we have
employed the use of EV/EBITDA multiple to account for the significant differences between
the capital structure of the peer group. Pakgen’s offer price implies a trailing EV/EBITDA
multiple of 4.15x which translates into a significant discount to HUBC’s multiple of 8.05x.

About the company
Pakgen power Limited is 365 MW fuel oil based power plant with a net generation capacity
of 347MW, located in Muzaffargarh, Pakistan. Pakgen had achieved commercial operation
date on Feb 01’98 and has an operating life of 35yrs with a 30yr power purchase
agreement. The PPA was signed between Pakgen and WAPDA on Sep 05’95 after which it
was granted a generation license with an implementation agreement with the GoP.
Major sponsors of the company include Nishat Mills Limited and Stanhope Investments with
each offering 13.89% out of their holding of 119mn and 111mn shares respectively.

global sec
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #2 on: June 13, 2011, 01:24:22 PM »
Electricity : PakGen Power Limited - Another Defensive Play
   Sponsors of Pakgen Power Limited (PGPL) intends to divest 10% of their shareholding through Offer for Sale at PKR19/share. Subscribers to this offer would also be entitled to PKR1/share interim dividend announced with 1QCY11 results

   The plant is required to operate at an approved efficiency level of 38.6% however it currently operates at 37.5%

   The management of the company revealed that reimbursement from the insurer could be paid out as dividends to the shareholders

   We recommend subscribing to Pakgen Power Limited, which offers offers dividend yield (after incorporating any potential adversity) of 13.2% and 17.1% for CY11 and CY12 respectively

   In case of insurer paying for the losses, dividend yield of 15.8% is anticipated for CY11
 
bma
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline niaz.ahmed

  • Junior Member
  • **
  • Posts: 145
  • Thanks Received: 1
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #3 on: June 14, 2011, 07:01:44 AM »
Dear Seniors, kia mashwara hay? Many thanks.

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #4 on: June 14, 2011, 09:28:01 AM »
Dear Seniors, kia mashwara hay? Many thanks.

subscribe
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #5 on: June 14, 2011, 11:11:19 AM »
PakGen Power Limited - High Yield but Limited Upside!

Our Preliminary estimates reveal a DDM based Dec11 PT of PKR 19.5 per share (ex-CY11 dividend), presenting an upside of 3% from its offer price of PKR 19 per share. However, incorporating the dividend yield of 18%, total stock return for AES PakGen swells to 21% for CY11. We recommend investors looking for attractive dividend yield to subscribe to the offer, however the capital gains potential is limited.

The plant had to remain closed for 94 days, during 3Q CY10 due to the monsoon floods. The management did not recognize impairment loss during CY10, this has led to auditors qualifying the accounts. The loss of capacity revenue coupled with other costs incurred for rehabilitation work amounted to PKR 550mn, which has been booked as receivable from the insurance company.

The PPA requires the plant to be operated at a thermal efficiency of ~38.6%, which allows the company to use 229.7 grams of fuel per Kwh generated. However, as per company estimates, thermal efficiency of the plant has fallen to ~37.5%, as the plant consumes 243grams of fuel to produce 1KwH, exceeding the allowed limit by ~13.3grams.

We continue to like HUBC in Pakistan’s IPP space, as it offers an implied IRR of 21% for the life of the project. Moreover, Narowal, which is already up in May11, will add PKR 1.25 per share to its FY12 EPS. The dividends from HUBC remain relatively stable as the company passes on the impact of circular debt to PSO and consequently dividends to share holders remain unhurt to date.
IGI Research

TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline JAWAD

  • Active Member
  • ***
  • Posts: 615
  • Thanks Received: 2
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #6 on: June 14, 2011, 11:37:49 AM »
farzooq bhai as per igi report i think that we should not subscribe it ..... ? whats your opinion ... !

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #7 on: June 14, 2011, 11:49:28 AM »
Key investment considerations
Based on 2010A numbers, at PRs19/sh Pakgen offer for sale is at a trailing P/E of 4.6x (2010 EPS:
PRs4.13) and trailing D/Y of 19.5% (2010 DPS: PRs3.70). As is the case with other listed IPPs
(Hubco, Kapco etc), the key investment consideration is US$ linked tariffs, FCF generation and
D/Y and impact of intercorporate debt. For Pakgen, other factors to consider include recovery
from floods of 2010, lower than required heat rate efficiency and 2009 debt pre?payment.

???? (+) Floods impaired 2010, 2011 may benefit: Note that 2010 earnings carry the brunt of
flood losses (in the course of which the power plant was submerged and damaged) which
resulted in 42% lower YoY earnings. The post floods rehabilitation exercise saw
replacement of majority of equipment which has allowed Pakgen to record its highest
dependable capacity of 350MW since COD (capacity prior to floods was 343MW).

???? (+) Guidance for strong 2011 DPS: Management guidance at an investor presentation last
week placed earnings at PRs2.7/sh for 5M11 where receipt of insurance claims is expected
to boost full year earnings number as well. Pakgen has already declared a 1Q11 cash
dividend of PRs1/sh and Nishat Group Chairman, Mr. Mansha outlined company’s target
of delivering another PRs2.5/sh dividend by Sep?Dec 11. A potential PRs3.5/sh cash
dividend at an offer price of PRs19/sh would imply 18.4% potential 2011E D/Y.


kasb
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline jawaddar

  • New Member
  • *
  • Posts: 4
  • Thanks Received: 0
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #8 on: June 26, 2011, 07:59:46 PM »
Pakgen IPO has been under subscribed

Offline Daftari

  • Junior Member
  • **
  • Posts: 308
  • Thanks Received: 3
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #9 on: June 26, 2011, 10:32:13 PM »
I am surprised it is under subscribed, I am new to the market I see a big potential in Pakgen power , With a 30 year tax holiday and consistent payout, the dividend yield on the offer price looks to be par 15% which is an excellent return. Investors with a 3+ year horizon can also enjoy capital gains if the company comes up with expansion plans particulary diversifying into coal.

Seniors, Farzooq bhai, isnt thiss the case, is pakgen not a good subscription   :dunno:
btw when are certificate expected to be mailed?
RABB, sun le tu sariyan hun aaftaan utha le,
Lagda ni dil meinu wapas bulale..

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #10 on: June 26, 2011, 10:35:24 PM »
It sure is a surprise to see pakgen undersubscribed
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline 007

  • Senior Member
  • *****
  • Posts: 8613
  • Thanks Received: 74
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #11 on: June 27, 2011, 12:04:57 AM »
circular debt recent ipp payment crisis, main reason :fingerscrossed1:

Offline Abdul Qadir

  • Research
  • Senior Member
  • *****
  • Posts: 2285
  • Thanks Received: 79
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #12 on: June 27, 2011, 11:04:57 AM »
Last fews IPO'S has not benefited much to the public seems to be the primary reason for undersubcribe.

Offline Farzooq

  • Administrator
  • Senior Member
  • *****
  • Posts: 19923
  • Thanks Received: 196
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #13 on: June 28, 2011, 09:49:29 AM »

SECP seeks clarification from Pakgen Company: non-disclosure of risk in shares sale
 June 28, 2011
MUSHTAQ GHUMMAN

 The Securities and Exchange Commission of Pakistan (SECP) has reportedly sought clarification from Pakgen Power Limited for non-disclosure of the alleged risks in the sale of shares, sources told Business Recorder. A complaint was lodged against Pakgen and underwriters on allegation of non-disclosures of facts related to performance of AES Pakgen Company Limited as well as against SECP for approving the premium of Rs 5.17 per share based on insufficient due diligence reports.

It was reported that the company is seeking public subscription of 13.8 percent shares from total issued shares of 372 million on June 14-15, 2011. Pakgen's total transaction size is 51.69 million shares whereas 14.5 million shares were privately placed while 37.2 million shares are being offered to the general public. Offer of sale is at a price of Rs 19 per share, which is inclusive of a premium of Rs 9 per share, and the successful subscribers will be eligible to receive dividend of Rs 1 per share announced earlier. The complaint has reported that the following issue must have been mitigated by the SECP prior to approval of Rs 9 share premium. The company was at a rate of Rs 13.87 per share only 9 months ago.

The disclosure of risk factor does not include following alleged risk: previous reports indicate that Pakgen incurred fuel losses of 14 gms/kWh whereas comparable Nishat Power Limited and Nishat Chunian Power Limited experienced fuel saving of around 6 gms/kWh. This factor alone may cause a loss of around Rs 5.27 per share at a current furnace oil rate of Rs 65 per ton.

What the SECP has been apprised is that according to Pakgen's management, the plant has been incurring fuel losses since its inception and the gap cannot be bridged. The new fuel-efficient IPP will shift utilisation of load plant to new plants.

The SECP was also informed that the dividend of comparable IPP mentioned in prospectus namely Hubco and Kapco distribute all case flow as dividends, whereas Pakgen has been shifting dividends in the past to reserve fund which is around Rs 9 billion and the new management also empowered the directors to decide on the dividend distribution.

Transparency International Pakistan (TIP), in its letter to the SECP has alleged that there may not be any dividend from power generation, which is and will incur loss, and dividend if any may come from the earning of Rs 9 billion reserve fund and this fact is reflected for the information of public.

SECP, in its reply stated that the quantum of premium charged by the issuers on issue of shares through public offering is a deregulated area, and the SECP has no role in fixing it. However, under the law, an offer of shares to the general public at premium is required to be underwritten, and the underwriters should be independent and include at least two financial institutions.

"Fixing the quantum of premium/the offer price has been deregulated since the year 1995 to make the process more transparent and to empower the market forces to determine the quantum of premium instead of the regulator. Pakgen has profitable track record for last many years and fulfils all requirement under rule 9 of Companies Rules (issue of Capital), 1996 for charging premium.

According to the SECP Director (CI) Amir Khan Afridi, as regards non-disclosure of the alleged risks in the prospectus, the issue has been taken up with the company, and response received from it will be shared with the TIP. TIP rejected the clarification of SECP, referring to SRO 110(I) 96, Companies (Issue of Capital) Rules, 1996, and insisted that SECP is required to confirm that the issue of shares to the public on premium was complying with the conditions, and if the requirements are not met by the company, SECP is allowed to accord relaxation under certain conditions as per Rule No 10.

Disclosure of all information is a mandatory requirement to be disclosed in the prospectus of the company for the information of the public. In case the Company has violated this requirement, and/or the Underwriter has violated this requirement in its due diligence report, SECP is responsible for the wrong approval.

SECP replied that "as regard non-disclosure of the alleged risks in the prospectus, it is stated that the same has been taken up with the Company and response received from them will the shared with you". If SECP determines that the complaint was correct, action shall be taken against the responsible officers, who approved the premium, and also against the company as against the underwriters for the violations, sources quoted TIP as saying in its rejoinder.
TOP PICKS
Engro fatima ogdc pol pso dgkc mlcf kapco npl ubl atrl nml efoods aicl hcar searl

Offline Daftari

  • Junior Member
  • **
  • Posts: 308
  • Thanks Received: 3
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #14 on: June 29, 2011, 12:23:45 PM »
How come Pakgen illusrtared an expected eps of 3.5+ when TPS has evaluated a lps of Rs5+ due to efficeny loss,
What is the call on this share, is the company really underperforming and is the ofsd hiding the truth?
RABB, sun le tu sariyan hun aaftaan utha le,
Lagda ni dil meinu wapas bulale..

Offline 007

  • Senior Member
  • *****
  • Posts: 8613
  • Thanks Received: 74
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #15 on: June 30, 2011, 12:30:05 AM »
all ipos have crashed and burned general public

this one seems no different

Online Koolfire

  • Active Member
  • ***
  • Posts: 705
  • Thanks Received: 20
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #16 on: July 01, 2011, 12:13:51 AM »
when will it come on the ready board?
Failure Is Only a Temporary Change in Direction To Set You Straight For Your Next Success...Only Those Who Dare To Fail Greatly Can Ever Achieve Greatly...

Offline Daftari

  • Junior Member
  • **
  • Posts: 308
  • Thanks Received: 3
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #17 on: July 01, 2011, 02:01:07 PM »
I have no idea about the ready board but I think the price will sink by 10-15% of the subsricption rate when it hits the market due to post ipo rumors about ommitting disclosures, what is your call?
RABB, sun le tu sariyan hun aaftaan utha le,
Lagda ni dil meinu wapas bulale..

Offline 007

  • Senior Member
  • *****
  • Posts: 8613
  • Thanks Received: 74
    • View Profile
Re: PKGP -- Pakgen Power Limited
« Reply #18 on: July 01, 2011, 07:07:40 PM »
 :biggthumpup:

Tags: Details Reports DIV