Press Release

VIS Withdraws Entity Ratings of International Complex Projects Limited (ICPL)

Karachi, January 31, 2022: VIS Credit Rating Company has withdrawn the entity ratings of AA/A-1’ (Double A/ A-One) assigned to International Complex Projects Limited (ICPL), with immediate effect on account of transfer of ICPL’s assets and liabilities to other group companies- Dolmen (Pvt.) Ltd. and Al-Feroz (Pvt.) Ltd as per the Scheme of Arrangement approved by Sind High Court dated November 03, 2021. The previous rating action was announced on July 19, 2021.

For further information on this rating announcement, please contact Ms. Asfia Aziz or the undersigned (Ext: 306) at (021) 35311861-66 or email at info@vis.com.pk .







Faryal Ahmad Faheem
Deputy CEO

VIS Entity Rating Criteria: Corporates (August 2021)
https://docs.vis.com.pk/docs/CorporateMethodology202108.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 January 27, 2022 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.