Analyst
Afnan Iqbal
afnan.iqbal@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraw Broker Management Rating of Cedar Capital (Pvt.) Limited
Rating Type | Broker Management | |
Current (07-Jul-22 ) |
Previous (12-Jul-21 ) |
|
Action | Withdraw | Initial |
Long Term | - | BMR3 |
Short Term | - | - |
Outlook | Stable | |
Rating Watch | - | - |
Subsequent to the management's decision to discontinue the Broker Management Rating of Cedar Capital (Pvt.) Limited, PACRA has withdrawn the Broker Management Rating of Cedar Capital (Pvt.) Limited with immediate effect.
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About
the Entity
Cedar Capital (Pvt.) Limited, categorized as trading and self-clearing, is a TREC holder of PSX and was incorporated in 2008. The Company is primarily engaged in the provision of equity brokerage services to HNWIs and institutional clients. The CEO, Mr. Umair Amanullah owns ~74% of the shares while the remaining shareholding also vests within the family. The board of directors is comprised of the CEO and Mr. Abdul Sameer. Mr. Umair Amanullah is also holding the chairman position and he is associated with the capital markets for the last 19 years. The external auditors are M/s Suriya Nauman Rehan & Company Chartered Accountants which falls in the category ‘B’ of the SBPs panel of auditors.