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The Pakistan Credit Rating Agency Limited
Press Release

Date
23-Apr-22

Analyst
Ayesha Qasim
ayesha.qasim@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Suspends Broker Management Rating of Shajar Capital Pakistan (Pvt.) Limited

Rating Type Broker Management
Current
(23-Apr-22 )
Previous
(23-Apr-21 )
Action Suspended Maintain
Long Term BMR3 BMR3
Short Term - -
Outlook Stable Stable
Rating Watch - -

Due to non-availability of requisite information, the rating of the Company has been suspended.
PACRA dues have also not been paid.

About the Entity
Shajar Capital Pakistan (Private) Limited was formed through the acquisition of Crosby Securities in 2010, which was renamed as Burj Capital initially and now as Shajar Capital. The Company’s prime business is equity brokerage, commodity brokerage and consultancy and advisory. The Company is a subsidiary of Dar ul Shifa International (Private) Limited, which holds 89% shares. Remaining stake lies with Mr. Syed Ali Farhan Razi and Mr. Javed Yousuf Ahmedjee. Mr. Amir Waliuddin Chishti is the Chairman of the board. He is associated with Chishti group of companies and is also the Chairman of Dar ul Shifa (Pvt.) Limited. The CEO Mr. Rehan Ateeq and the Head of Research has resigned recently.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.