Press Release
Date: 23-Jun-23
PACRA Withdraw Broker Fiduciary Rating of Cedar Capital (Pvt.) Limited

Rating Details Rating Type BFR
Dissemination Date Current (23-Jun-23 ) Previous (24-Jun-22)
Action Withdraw Maintain
Rating - BFR 3
Outlook Stable
Rating Watch - -

Rating Rationale Factor Comment
Ownership
Governance
Management and Client Services .
Internal Controls and Regulatory Compliance
Business Sustainability
Financial Sustainability

Key Rating Drivers Cedar Capital (Private) Limited voluntarily surrendered the TRE Certificate to the Pakistan Stock Exchange Limited (PSX) accordingly. The PSX has accordingly removed Cedar Capital from TREC holder's register as per the notification dated 31 March 2023. Subsequent to the management's decision to discontinue the Broker Fiduciary Rating, PACRA has withdrawn the rating.

About the Entity
Legal Structure Private Limited
Year of Establishment 07-Feb-08
Type of License Trading and Self-clearing
Majority Ownership Mr. Umair Amanullah | ~74%

Regulatory Disclosures Analyst Applicable Criteria Related Research
Afnan Iqbal
afnan.iqbal@pacra.com
+92-42-35869504
www.pacra.com

Methodology | Broker Fiduciary Rating | Jan-23

Sector Study | Brokerage & Securities | Jan-23

Disclaimer 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. 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 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.