Press Release

Update on Entity Ratings of BIPL Securities Limited

Karachi, August 3, 2022: VIS Credit Rating Company Ltd. (VIS) notes that the Honorable Sindh High Court, Karachi vide its order dated 03 June 2022, has sanctioned the merger of AKD Securities Limited (AKDS) with and into BIPL Securities Limited (BIPLS). BIPLS is the surviving entity as a result of the aforesaid merger. The surviving company has been renamed as "AKD Securities Limited" as of 25 July 2022, with operational merger of BIPLS and AKDS becoming effective from 01 August 2022.

For any further information on this rating, please refer to “AKD Securities Limited” on our website.

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) at (021) 35311861-66 or email at

Sara Ahmed

Applicable rating criteria: Methodology - Securities Firms Rating (July 2020)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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