The Pakistan Credit Rating Agency Limited

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Shareholding of PACRA

PACRA was established in 1994 as a joint venture among Fitch Ratings (the world's leading international rating agency, at that time IBCA Ratings), International Finance Corporation (IFC) and the LSE FINANCIAL SERVICES LIMITED (LSE - FSL). PACRA was the first Credit Rating Agency (CRA) getting licensed as CRA on Feb 14, 1996. Initially, the three institutions, Fitch (44.45%), LSE - FSL (33.33%) and IFC (22.22%) subscribed to the shareholding of PACRA. In late 2002 Fitch and IFC offloaded their entire stake in PACRA. The Chairman and the MD at that time and LSE - FSA bought that stake. Since then, PACRA has been run by a local ownership. Later in 2004 both LSE - FSA and individual stakeholders divested some of their stake to induct two more professionals to strengthen PACRA's ownership structure. The sale purchase of shares continued over the years and the latest ownership of PACRA is a blend of one corporate shareholder and four professional individuals.


lse LSE Financial Services Limited (Formerly Lahore Stock Exchange Limited) is a founder member and the sole corporate Shareholder of PACRA. It has emerged as a Non-Banking Financial Company after the integration of the securities exchange business of former Lahore Stock Exchange Limited with former Karachi Stock Exchange Limited to form Pakistan Stock Exchange on January 11, 2016, under the scheme of integration with the approval of Securities and Exchange Commission of Pakistan (SECP). LSE Financial Services Limited is in the business of carrying out Investment Finance Services.


Mumtaz Syed Mr. Mumtaz H. Syed is one of the major Shareholders of PACRA since 2005. Mr. Syed has extensive experience in various aspects of identifying, evaluating and structuring of the financing transaction as an investment banker, coupled with a rich industry experience of setting up and management of projects in the telecom, infrastructure, and cement textile, and energy, Mutual Funds and Financial sectors. Mr. Syed is Senior Managing Director of Aequitas (Pvt) Limited (formerly: Crosby Capital Pakistan (Pvt) Limited, a company primarily in the business of consultancy. He is a shareholder in Elektro Power (Pvt) Ltd, RUM Associates (Pvt) Ltd. And IAD (Private) Limited. Previously, Mr. Syed was Director on the board of Lahore Stock Exchange (Guarantee) Limited. He also served as Chief Executive Officer of WorldCall Telecom Limited. Mr. Syed has been associated with Crosby Asset Management Limited, First Capital Equities Limited, Falcon Finance Limited, Prime Commercial Bank Limited, First Nishat Modaraba and IGI Investment Bank Limited at senior management positions. While working with the above organizations, Mr. Syed was actively engaged in formulating credit strategy & policy, designing lending policy guidelines, performing diagnostic audit of credit portfolio, working for improving the credit appraisal process, designing a credit monitoring process, recommending for installing calibrated and validated internal risk rating model, introducing risk based pricing, designing loan review mechanism, asset-liability management, designing an organizations system, branch structuring, restructuring and turn-around exercises, economic valuation and strategies for mergers and de-mergers, restructuring equity capital. Mr. Syed holds MBA from Lahore University of Management Sciences (LUMS), Lahore.


lse Mr. Sardar Ali Wattoo became a Shareholder of PACRA in late 2011. Mr. Watto is a professional with over two decades of extensive experience in projects development and financial management of companies in various business sectors including telecom, real estate, financial services, print and electronic media, independent power producers (IPPs), textiles (spinning, weaving, finishing, garments, knitwear), packaging, fertilizers, farm tools and engineering goods, and health care in Pakistan, Sri Lanka, Bangladesh, and Iran. He has expertise in listing equity and debt instruments on Pakistani as well as international bourses. Mr. Wattoo is Owner and Director of Integrated Equities (Pvt) Limited. Previously, he has been associated as Chief Operating Officer with JS Private Equity, Group Director Finance with WorldCall Telecom Limited, Head Corporate Finance at Crosby Pakistan, Financial Controller at Kohinoor Energy Limited and Southern Electric Company Limited and Head of Internal Audit at Nishat Mills Limited. He articled with A. F. Fergusson and Company (Chartered Accountants) for four years. Mr. Wattoo is a Fellow Member of Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Chartered Secretaries and Managers, Pakistan. He was born in 1966.


chairman Mr. Usman Haider is Director of PACRA since 2010 and acquired shareholing in late 2011. He has professional experience of over 16 years in financial management, corporate advisory, project finance and development in various industries including power, telecommunications, engineering, information technology, food, logistics, real estate, media, fertilizer and financial services. For the last 7 years, Mr. Haider has been associated with Crosby Capital Pakistan (Pvt) Limited as Director, Financial Advisory Services. He is involved in a number of financial and corporate advisory assignments for leading corporates of Pakistan as well as international clients including, amongst others, Nishat Group, JDW Group, Descon Group, Crescent Group, Fauji Foundation, Army Welfare Trust, OCS, and City Schools. Previously, Mr. Haider worked as Head Treasury and Corporate Finance with WorldCall Group. He has served as Vice president Finance of Southern Electric Power Company Limited. Mr. Haider is an MBA from Institute of Business Administration, Karachi (IBA). He was born in 1967.


chairman Mr. Adnan Afaq is Chief Executive and Managing Director of PACRA. He joined PACRA in September 2007 as Deputy Managing Director and took over as CEO & MD in January 2008. He is Chairman of PACRA Analytics (Pvt) Limited, a wholly owned subsidiary of PACRA. Mr. Afaq is a seasoned professional with three decades of diverse experience related to risk management, finance, operations support, and business management. Mr. Afaq has previously served as Chief Executive Officer of Askari Investment Management Limited. He has worked as Group Head Strategy & EVP with Askari Bank Limited and as Chief Financial Officer with Prime Commercial Bank Limited. He has been associated with Pak Oman Investment Company, Deutsche Bank and A. F. Fergusson & Company (Chartered Accountants) at senior positions. Mr. Afaq is a Chartered Accountant from England & Wales (ICAEW) and Pakistan (ICAP). He was born in 1956.

Shareholding Pattern of PACRA
Shareholder 25-Nov-11 26-Jun-07 02-Feb-07 16-Dec-05 21-Oct-04 31-Dec-02 15-Jan-95
% No of Shares
LSE Financial Services Limited 36.00% 2,683,042 36.00% 36.00% 36.00% 40.00% 40.00% 33.33%
Mr. Mumtaz H. Syed 27.00% 2,012,280 32.00% 18.00% 18.00% 13.00% --- ---
Mr. Usman Haider 13.50% 1,006,140 --- --- --- --- --- ---
Mr. Sardar Ali Wattoo 13.50% 1,006,141 --- --- --- --- --- ---
Mr. Adnan Afaq 10.00% 745,289 --- --- --- --- --- ---
Sheikh Muhammad Iqbal --- --- 32.00% 18.00% 18.00% 13.00% --- ---
Mr. M. Khalil Mian --- --- --- 28.00% 15.00% 18.89% 33.33% ---
Mr. Javed Masud --- --- --- --- 13.00% 15.11% 26.67% ---
Fitch (IBCA) --- --- --- --- --- --- --- 44.45%
International Finance Corp. --- --- --- --- --- --- --- 22.22%
Total 100% 7,452,892 100% 100% 100% 100% 100% 100%