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 |
No. of Shares |
%age |
| Mr. Sardar Ali |
10,627,364 |
14.259367% |
| Mr. Muhammad Adnan Afaq |
7,872,126 |
10.562501% |
| Mr. Mumtaz Hussain |
21,254,708 |
28.518708% |
| Mr. Usman Haider |
10,627,354 |
14.259354% |
| LSE Ventures Limited |
24,147,378 |
32.399976% |
| Others |
--- |
--- |
| Total |
74,529,000 |
100% |
LSE VENTURES LIMITED (Formerly: LSE Financial Services Limited)
MR. MUMTAZ HUSSAIN
MR. SARDAR ALI
MR. USMAN HAIDER
MR. MUHAMMAD ADNAN AFAQ
Shareholding Pattern of PACRA
| Shareholder |
Jan-25 |
2024 |
2023 |
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 |
% |
No of Shares |
% |
No of Shares |
| LSE Ventures Limited (Formerly: LSE Financial
Services Limited) |
32.399976% |
24,147,378 |
35.999812% |
26,830,420 |
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 |
28.518708% |
21,254,708 |
26.999960% |
20,122,800 |
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 |
14.259354% |
10,627,354 |
13.499980% |
10,061,400 |
13.499980% |
1,006,140 |
13.499980% |
1,006,140 |
13.499980% |
1,006,140 |
13.499983% |
773,954 |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
| Mr. Sardar Ali |
14.259367% |
10,627,364 |
13.499993% |
10,061,410 |
13.499993% |
1,006,141 |
13.499993% |
1,006,141 |
13.499993% |
1,006,141 |
13.499965% |
773,953 |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
--- |
| Mr. Muhammad Adnan Afaq |
10.562501% |
7,872,126 |
10.000000% |
7,452,900 |
10.000000% |
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% |
70 |
0.000094% |
70 |
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% |
74,529,000 |
100% |
74,529,000 |
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 |
