The Pakistan Credit Rating Agency Limited
27-Nov-23
Analyst
Hassaan Ahmad
Hassaan.Ahmad@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Withdraws the Broker Management Rating of Amanah Investments Limited
| Rating Type | Broker Management | |
|
Current (27-Nov-23 ) |
Previous (23-Nov-22 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BMR3 |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
The SECP notified the amendments in Security Broker Regulations 2016, and public offering regulations, 2017 vide S. R. O. 361 (I)/2023 dated 14th March, 2023.As per the amendments SECP has abolished the requirement of BMR which was previously required for the license of consultant to the issue. In light of this, the management has asked PACRA to discontinue the BMR rating. Consequently, PACRA withdraws the Broker Management Rating of Amanah Investments Limited.
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About
the Entity
Amanah Investments Limited is TREC holder of the Pakistan Stock Exchange Limited and was incorporated under the Companies Ordinance 1984 in 2005 as a public unlisted company. The majority of shares are owned by Mr. Abdul Wahab Omar who owns 44.1% of the ownership and acts as the primary sponsor, as well as the CEO of the company. The remaining shares are held by family members of Mr. Abdul Wahab Omar.