Ownership

Shareholding of PACRA

PACRA was established in 1994 as a joint venture among Fitch Ratings (the world's leading international rating agency, at that time IBCA Ratings), International Finance Corporation (IFC) and Lahore Stock Exchange (Guarantee) Limited (LSE). PACRA was the first Credit Rating Agency (CRA) getting licensed as CRA on Feb 14, 1996. Initially, the three institutions, Fitch (44.45%), LSE (33.33%) and IFC (22.22%) subscribed to the shareholding of PACRA. In late 2002 Fitch and IFC divested their entire stake in PACRA significantly to the Chairman and Managing Director of PACRA at that time and a small proportion to LSE. In 2005, two individual shareholders divested part of their shareholding to induct two more professionals to strengthen PACRA's ownership structure. Following demutualization, shares owned by LSE were transferred to LSE Financial Services Limited (LSEFSL). In 2023, by virtue of the scheme of compromises, arrangement and reconstruction for demerger/split of LSEFSL, shares of former entity have been transferred to LSE Ventures Limited (LSEVL). The sale and purchase of shares has continued over the years, and the latest ownership of PACRA is now significantly composed of one corporate shareholder and four professional individuals. The Regulation 14(3)(c) of the CRC Regulations, 2016 requires to present changes in the pattern of shareholding since inception which is as follows:

Shareholder %age No of Shares
LSE Ventures Limited (Formerly: LSE Financial Services Limited) 36.0000% 2,683,042
Mr. Mumtaz Hussain 27.0000% 2,012,280
Mr. Usman Haider 13.5000% 1,006,140
Mr. Sardar Ali 13.5000% 1,006,141
Mr. Muhammad Adnan Afaq 10.0000% 745,290
Directors (Qualifying Shares) 0.0094% 7
Total 100.00% 7,452,900
LSE

LSE VENTURES LIMITED (Formerly: LSE Financial Services Limited)

MR. MUMTAZ HUSSAIN

MR. MUMTAZ HUSSAIN

MR. SARDAR ALI WATTOO

MR. SARDAR ALI

MR. USMAN HAIDER

MR. USMAN HAIDER

MR. MUHAMMAD ADNAN AFAQ

MR. MUHAMMAD ADNAN AFAQ

Shareholding Pattern of PACRA

Shareholder 2024 2018 2013 2012 2011 2009 2008 2007 2006 2005 2003 2002 1995
% No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares % No of Shares
LSE Ventures Limited (Formerly: LSE Financial Services Limited) 35.999812% 2,683,030 35.999973% 2,683,042 35.999973% 2,683,042 35.999965% 2,063,878 35.999955% 1,587,598 35.999932% 1,058,398 35.999905% 755,998 35.999933% 539,999 35.999933% 539,999 39.999926% 539,999 39.999926% 539,999 33.333259% 449,999 33.333259% 449,999
Mr. Mumtaz Hussain 26.999960% 2,012,280 26.999960% 2,012,280 26.999960% 2,012,280 26.999965% 1,547,908 31.999955% 1,411,198 31.999932% 940,798 31.999905% 671,998 31.999867% 479,998 18.000000% 270,000 13.000000% 175,500 --- --- --- --- --- ---
Mr. Usman Haider 13.499980% 1,006,140 13.499980% 1,006,140 13.499980% 1,006,140 13.499983% 773,954 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Mr. Sardar Ali 13.499993% 1,006,141 13.499993% 1,006,141 13.499993% 1,006,141 13.499965% 773,953 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Mr. Muhammad Adnan Afaq 10% 745,290 10% 745,290 9.999987% 745,289 9.999983% 573,299 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sheikh Muhammad Iqbal --- --- --- --- --- --- --- --- 31.999887% 1,411,195 31.999830% 940,795 31.999762% 671,995 31.999867% 479,998 18.000000% 270,000 13.000000% 175,500 --- --- --- --- --- ---
Mr. M. Khalil Mian --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 14.999867% 224,998 18.888741% 254,998 33.333185% 449,998 --- --- --- ---
Mr. Javed Masud --- --- --- --- --- --- --- --- --- --- --- --- --- --- 13.000000% 195,000 15.111111% 204,000 26.666667% 360,000 --- --- --- ---
Fitch (IBCA) --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 44.444296% 599,998 44.444296% 599,998
International Finance Corp. --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 22.222222% 300,000 22.222148% 299,999
Directors (Qualifying Shares) 0.000094% 7 0.000094% 7 0.000107% 8 0.000140% 8 0.000204% 9 0.000306% 9 0.000429% 9 0.000333% 5 0.000200% 3 0.000222% 3 0.000222% 3 0.000222% 3 0.000296% 4
Others 0.000161% 12 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Total 100% 7,452,900 100% 7,452,900 100% 7,452,900 100% 5,733,000 100% 4,410,000 100% 2,940,000 100% 2,100,000 100% 1,500,000 100% 1,500,000 100% 1,350,000 100% 1,350,000 100% 1,350,000 100% 1,350,000