Rating Details	Rating Type	BFR
	Dissemination Date	Current (30-Mar-26 )	Previous (23-Apr-25)
	Action	Withdraw	Downgrade
	Rating	-	BFR 2
	Outlook		Stable
	Rating Watch	-	Yes

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

Key Rating Drivers

The Pakistan Credit Rating Agency Limited has withdrawn the entity ratings of Alfalah Securities (Pvt.) Limited (“ASPL”), following the Company’s formal request to discontinue rating services. The rating withdrawal is underpinned by a significant change in ownership and operational status. Approximately 99.75% shareholding of ASPL was acquired by Optimus Capital Management (Pvt.) Limited, effective October 17, 2025. In line with applicable regulatory requirements permitting operation of only one brokerage entity, ASPL initiated the surrender of its Trading Right Entitlement Certificate (TREC).

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	23-Sep-03
	Type of License	Trading and Self-clearing
	Majority Ownership	Optimus Capital Management (Pvt.) Limited | ~99.75%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Methodology | Rating Modifiers | Apr-25 Assessment Framework | Broker Fiduciary Rating | Jan-26	Sector Study | Brokerage Firms | Feb-26

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.