Press Release

VIS Withdraws Entity Ratings of Cyan Limited

Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has withdrawn the entity ratings assigned to Cyan Limited with immediate effect, following the approval of the proposed amalgamation of Cyan Limited and DH Partners Limited ("DHPL") with and into Dawood Lawrencepur Limited ("DLL"). The amalgamation has been approved by the Board of Directors of Cyan Limited through a Scheme of Arrangement under Sections 279 to 283 of the Companies Act, 2017 (the “Scheme”) and post amalgamation, Cyan Limited will cease to exist. Previous rating action was announced on January 20, 2025.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

pplicable Rating Criteria: Policy for Suspension and Withdrawals of Ratings
https://docs.vis.com.pk/docs/policy_withdrawal.pdf

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 December 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.