EMPLOYEE BUY-OUT IN PACRA

 

Lahore: January 22, 2003

Fitch, the principal shareholder of PACRA, as part of their global strategy, has decided to disinvest their shareholding in PACRA as being done in certain other overseas affiliates. Fitch's shareholding has been acquired partially through an employee buy-out and partially through increased shareholding of Lahore Stock Exchange. The entire arrangement has been duly approved by SECP. PACRA would thus continue to provide the full range of rating services in Pakistan.

In a separate arrangement, Fitch has decided to continue to rely on PACRA's assistance for international rating of local financial institutions as part of Fitch's global rating service for subscribers.