Press Release
VIS Assigns Initial Entity Ratings to Amazon Mall (Private) Limited
Karachi, June 19, 2025: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘A-/A2’ (Single A Minus/A Two) to Amazon Mall (Private) Limited (‘AMAZON’ or the ‘Company’). Medium to long term rating of ‘A-’ indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of ‘A2’ indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’.
Amazon Mall (Private) Limited, part of IMARAT Group, is a private limited company incorporated in Pakistan on November 3, 2016, as Amazon Mall (SMC-Private) Limited under the Companies Act, 1984 (repealed with the enactment of the Companies Act, 2017). Subsequently, on September 10, 2021, the Company was converted into a private limited company. The principal business of the Company is to layout, construct, build, erect, demolish, alter, remodel, or to do any other work related to infrastructure projects including apartments, homes, plazas, markets, convention centers, and other alike buildings, etc. The Company operates primarily within two key segments: retail development and hospitality. In the retail sector, it is engaged in the development and management of shopping destinations, including Amazon Outlet Mall and Mall of Imarat. In the hospitality sector, the Company is developing Courtyard by Marriott.
The Company is owned by Mr. Shafiq Akbar, who serves as both Chairman and CEO. Drawing on extensive experience in real estate and infrastructure development, both locally and internationally, Mr. Akbar plays a key role in shaping the strategic direction of the business under the ambit of IMARAT Group of Companies. IMARAT is a diversified real estate conglomerate comprising 16 entities. The Group operates across multiple segments, including real estate marketing, construction, project management, and brokerage services. With a total asset base of Rs. 67 billion, IMARAT is active in retail and commercial developments—such as Amazon Outlet Mall, IMARAT Builders Mall, Florence Galleria, and Mall of IMARAT—as well as hospitality projects like Courtyard by Marriott and Residence Inn by Marriott. The Group also emphasizes digital transformation in the property sector through platforms such as Graana.com, Agency21 International, and Propmax.AI.
The assigned ratings reflect Company’s track record of successfully executing projects such as the Amazon Outlet Mall and Mall of IMARAT Tower 1, coupled with strong buyer interest which has resulted in high occupancy in the completed projects, and strong advance bookings in the ongoing projects. The Company’s sales model, which includes contractual buy-back obligations, entails notable off-balance sheet financial commitments; however, these have been consistently managed in the past. Going forward, effective management of these commitments will be key to maintaining financial flexibility.
The assigned ratings also take into account the heightened business and industry risks confronting the real estate sector amid Pakistan’s challenging macroeconomic environment, characterized by inflation, exchange rate volatility, and political uncertainty. Recent improvements, such as lower interest rates and a stabilized PKR, have provided relief to the operating environment. While the sector remains sensitive to broader economic shifts, the Company’s active development portfolio positions it to capitalize on a more favorable macroeconomic outlook, though careful management of associated project risks remains important.
Ratings reflect the capitalization profile, which benefits from low debt levels. Management’s intention to secure working capital lines, aimed at addressing short-term cash flow requirements without disrupting ongoing project timelines is considered positive. However, maintaining gearing within reasonable thresholds will be important particularly keeping in view the relatively high industry risk. The Company’s efforts to strengthen its governance structure will remain important for ratings, going forward.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
Construction Industry
https://docs.vis.com.pk/Methodologies%202024/CONSTRUCTION-INDUSTRY-RATING-CRITERIA.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf