The Pakistan Credit Rating Agency Limited
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Muhammad Usman

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PACRA Withdraws Stability Rating of PIML Daily Reserve Fund

Rating Type Stability Rating
Action Withdraw Maintain
Long Term - AA(f)
Short Term - -
Outlook - Stable
Rating Watch - -

The management of AWT Investments Limited has decided to close the PIML Daily Reserve Fund after the redemption of Pak Brunei Investment Company Limited (majority unit-holder) from the fund. The Board of Directors (BoD) of AWT Investments Limited has approved the
dissolution of the Fund. Consequently, Pakistan Credit Rating Agency Limited withdraws the stability rating of PIML Daily Reserve Fund.

About the Entity
AWT Investments Limited (Formerly: Primus Investment Management Limited) is a public unlisted company, incorporated in 2011. It is a Non-Banking Finance Company, licensed by the Securities and Exchange Commission of Pakistan to manage open and closed-end funds and Investment Advisory Services. The company is currently managing six open-end schemes with assets under management of ~PKR 2.2bln at end-Jun 2018. In the month of March 2017, Army Welfare Trust (AWT) acquired 70% shares of the company from Pak Brunei Investment Company Limited. On October 13, 2017, the Board of Directors of PBICL approved the disinvestment, remaining 30% shareholding in the company through the exercise of put option contained in shareholder’s agreement. The transaction was approved by the Commission on Mar 5, 2018, subject to completion of certain formalities. Subsequent to June 30, 2018, the remaining formalities were fulfilled and remaining shareholding of AWT Investments Limited was also transferred by PBICL to Army Welfare Trust.

The CEO, Mr. Salman Haider possesses over two decades of local and international experience in Investment management industry including almost 10 years on Wall Street in New York, USA. His experience on Wall Street included NASD licenses of series 7 and 63 along with working at reputable institutions within the investment management industry.

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.