The Pakistan Credit Rating Agency Limited
20-Mar-23
Analyst
Muhammad Noor Ul Haq
noorulhaq@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
- Methodology | Non-Banking Finance Companies Rating | Jun-22
Related Research
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PACRA Withdraws Entity Ratings of Modaraba Al Mali
| Rating Type | Entity | |
|
Current (20-Mar-23 ) |
Previous (25-Mar-22 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BBB+ |
| Short Term | - | A2 |
| Outlook | Developing | |
| Rating Watch | - | Yes |
Subsequent to management's decision to discontinue the entity ratings of Modaraba Al Mali,
PACRA withdraws the entity ratings of Modaraba Al Mali.
About
the Entity
Modaraba Al Mali (MAM) was incorporated in 1987 as a perpetual multi-purpose modaraba. MAM is listed on the Pakistan Stock Exchange and has its Head Office located in Lahore. AssetPlex Limited is the management company of Modaraba Al Mali, holding an ownership stake of ~33%, whereas the remaining ownership is distributed between NBFCs, joint stock companies and individuals.
The board composition has been restructured, with the board incorporating a good mix of non–executive, independent and executive members present on the board. The leadership of MAM has been taken over by Mr. Siddique Ur Rehman Khurram as its Chief Executive Officer. He is assisted by a team of professionals.