Analyst
Shahzaib Khalid
shahzaib.khalid@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
JS Global Capital redeems Commercial Paper; Rating withdrawn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 PACRA has withdrawn the rating for the mentioned commercial paper with immediate effect.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.