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The Pakistan Credit Rating Agency Limited
Press Release

Date
10-Aug-18

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

JS Global Capital redeems Commercial Paper; Rating withdrawn

Issuer JS Global Capital Limited
Instrument CP
Amount PKR 1000 mln
Issuance Date 11-May-17
Tenor 0 Years
Redemption Date 07-Nov-17
Outstanding Amount -

Rating Type Debt Instrument
Current
(10-Aug-18 )
Previous
(12-May-17 )
Action Redeem Initial
Long Term - AA
Short Term - A1+
Outlook - Stable
Rating Watch - -

Company's short term, unlisted Commercial Paper of PKR 1,000mln redeemed on 07-November-17. PACRA has withdrawn the rating for the mentioned commercial paper with immediate effect.
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About the Entity
JSGCL, with commercial operations starting in May 2003, carries the legacy of stock brokerage business initiated in the early seventies by Mr. Jahangir Siddiqui. The company operates through eight branches; Lahore, Islamabad, Faisalabad, Abbottabad, Peshawar, Multan, and Hyderabad besides the head office based in Karachi. Its main activities include brokerage, corporate finance, financial advisory, forex, and money market activities. The company is listed on Pakistan Stock Exchange (PSX). JS Bank Limited (JSBL) and Global Investment House (GIH) are the major shareholders of the company each holding 67% and 27% stake in JSGCL, respectively.

The board of directors (BoD) of JSGCL, including the CEO, comprises eight experienced professionals. Three members represent JS Bank. GIH has also nominated three well qualified and resourceful members. The remaining one member is independent director. Syed Hasan Akbar Kazmi, Chairman of the Board, carries vast experience in financial industry with experience across diverse sectors. Mr. Kamran Nasir, the CEO, is a seasoned professional with around two decades of experience in the financial sector, including Investment Banking, Brokerage and Audit.

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.