Press Release
VIS Reaffirms Entity Ratings of Multiline Securities Limited
Karachi, February 16, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed entity ratings of Multiline Securities Limited ('MSL' or 'the Company') at ‘A-/A2’ (Single A Minus/A Two). Long-term rating of ‘A-’ signifies good credit quality with adequate protection factors. Risk factors may vary with possible changes in the economy. Short-term rating of ‘A2’ depicts good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on January 28, 2025.
MSL is a public unlisted company incorporated in 2001, providing equity brokerage, investment and portfolio management services to both retail and foreign institutional clients. The company is also member of Pakistan Mercantile Exchange Limited (PMEX). The company operates through its registered offices in Karachi. The Company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange (PSX) and is registered with SECP to provide Trading and Self Clearing Services. External auditors of the Company are M/s Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants, which belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
The rating re-affirmation reflects maintenance of the credit and liquidity profile of the company whereby core revenues continue to grow at a steady pace under a well-defined strategy. Brokerage revenue posed strong growth in FY25 in line with the company’s strategy, though overall profitability fell with lower income from the proprietary investment portfolio and higher human resource cost to support the expanding operations of the company. Capitalization profile of the Company continues to draw support from low leveraged balance sheet coupled with a sizeable equity base.
The business risk of the Company remains high, given its presence in the brokerage industry, which is characterized by inherent volatility, intense competition, and strong regulatory oversight. The company’s strategy to balance it on the back of strong capitalization and sound liquidity profile remains key considerations for the ratings.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Entity Rating:
https://docs.vis.com.pk/Methodologies-2025/BrokerEntityRating.pdf
VIS Issue/Issuer Rating Scale:
https://docs.vis.com.pk/docs/VISRatingScales.pdf