Press Release

VIS Withdraws Entity Ratings of Allied Rental Modaraba

Karachi, July 24, 2024: VIS Credit Rating Company Limited (VIS) has withdrawn the entity ratings assigned to Allied Rental Modaraba (ARM), with immediate effect, on account of a demerger whereby the logistics business of the Modaraba was transferred to a newly incorporated entity, Allied Transport and Logistics Limited, along with all its existing assets and liabilities. All the other remaining business segments, along with their assets and liabilities, were transferred to Allied Rental Services Limited Formerly Allied Engineering Management Company Limited. As a result, the license of the Modaraba management company was surrendered and has ceased to exist. The previous rating action was announced on August 07, 2023.

For further information on this ratings announcement, please contact at 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 July 24, 2024 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.