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The Pakistan Credit Rating Agency Limited
Press Release

Date
19-Sep-19

Analyst
Shahzaib Khalid
shahzaib.khalid@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 Withdraws Entity Ratings of Providus Capital (Pvt.) Limited

Rating Type Entity
Current
(19-Sep-19)
Previous
(21-Aug-19)
Action Withdraw Maintain
Long Term - A+
Short Term - A1
Outlook - Stable
Rating Watch - -

Subsequent to the decision of the management of Providus Capital (Pvt.) Limited, PACRA withdraws the Entity Ratings with immediate effect.

About the Entity
The Company is owned by Mr. Muhammad Jawaid Iqbal (CEO) and by his spouse (50% each). The Company is primarily engaged in the business of capital investments, in particular equity market and other investments. The CEO, a CFA charter holder, possess vast experience in investment management and served as one of the key personnel in the establishment of ABL Asset Management Company and remained a board member for six years afterwards. The company has three main departments supervised by a head of department (HOD). All HOD’s are capable individuals with right mix of qualification, skills and experience.

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.