KARACHI:VIS Credit Rating Company Limited has assigned Initial Broker Fiduciary Rating of ‘BFR3++’ to BIPL Securities Limited.
The assigned rating denotes good fiduciary standards and signifies sound ownership and governance, management and client services as well as internal control and regulatory compliance. Business and financial sustainability are adequate. Outlook on the assigned rating is “Rating Watch – Developing, said a press release on Monday.
Assigned rating takes note of sound ownership of the Company with majority ownership stake held by AKD Securities Limited.
Assigned outlook on the rating is on account of proposed merger of AKDSL into BIPLS on the basis of a swap ratio of 2.59. Respective boards of BIPLS and AKD have approved this scheme of arrangement, while regulatory approvals are still under progress.
The surviving entity will be named as “AKD Securities Ltd.” upon sanctioning of this scheme.
APP /ah