Press Release

VIS suspends Broker Fiduciary Rating of First National Equities Limited

Karachi, April 29, 2025: VIS Credit Rating Company Limited (VIS) has suspended the Broker Fiduciary Rating (BFR) of First National Equities Limited (‘FNEL’ or ‘the Company’) in view of the notice published on the Pakistan Stock Exchange, wherein the Securities and Exchange Commission of Pakistan (SECP) cancelled the Company’s ‘Trading & Self-Clearing Broker’ license and subsequently granted it a ‘Trading Only’ Broker license.

Ratings will be reviewed in light of the new license and upon receipt of updated business plan from the Company. Previous rating action was announced on October 10, 2024.

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



Applicable 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 April 29, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.