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The Pakistan Credit Rating Agency Limited
Press Release

Date
18-Mar-22

Analyst
Muhammad Zain Ayaz
zain.ayaz@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 Stability Rating of BMA Chundrigar Road Savings Fund

Rating Type Stability Rating
Current
(18-Mar-22 )
Previous
(30-Sep-21 )
Action Withdraw Maintain
Long Term - A(f)
Short Term - -
Outlook Stable
Rating Watch - -

The management of BMA Asset Management Company Limited (or the "Company") has winded up the BMA Chundrigar Road Savings Fund (or the "Fund"), effectively from 27th January,2022, due to significant redemptions leading to depletion in fund size. The Company has also cancelled its CIS license.
Consequently, PACRA withdraws the Stability Rating of BMA Chundrigar Road Savings Fund, with immediate effect. The previous stability rating of the Fund was 'A(f)', announced on 30th September, 2021.

About the Entity
BMA Asset Management Company was incorporated in April 2005 and acquired the license for investment advisory and asset management in April 2005 and July 2005, respectively. Mr. Mian Qasim Saeed Ahmed joined as a CEO in August 2020. He has eleven years of experience of this industry. The management team comprises seasoned professionals.
The Company's three member board comprise two independent and one non-independent directors. Mr. Salim Khan was appointed as the chairman of the board in October 2017. He possesses vast experience in strategic human resource consultancy and organizational development.

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.