Pakistan Credit Rating Agency places Ratings of Alfalah GHP Investment Management Limited and IGI Funds Limited on Rating Watch

Lahore, July 22 2013 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has placed asset manager ratings of Alfalah GHP Investment Management Limited and IGI Funds Limited on Rating Watch, owing to ongoing acquisition of IGI FL by AGIM. The process is at an advanced stage; the regulator has given principal approval to the sale/purchase transaction, with EOGM pending for shareholders’ approval for amalgamation and regulator’s final approval thereof.

Company                          Current Rating 
Alfalah GHP  Investment          AM3 (AM Three) 
Management Limited              (Outlook: Negative) 
IGI Funds Limited                AM3+ (AM Three Plus) 
                                (Outlook: Stable) 

The ratings will remain on rating watch until the finalization of proposed merger. On completion of the merger, the asset manager rating of the surviving entity (AGIM) would be updated in the due course after reviewing the impact of the merger and the ensuing business plan.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com