September 28, 2018 (MLN): Pakistan Credit Rating agency (PACRA) has placed the Asset Manager Rating of First Capital Investments on Rating Watch, while a rating of ‘AM4++’ has been assigned to the company with a ‘Developing’ Outlook forecasted.
According to an official press release by PACRA, 786 Investments Limited (Formerly: Dawood Capital Management Limited) has shown interest in acquiring the only mutual fund (First Capital Mutual Fund) of First Capital Investments Limited.
“The legal process has been initiated. First Capital Investments Ltd is waiting for the relevant regulatory approvals (particularly from SECP). Notably, both parties intend to conclude the transaction in a timely manner,” said the agency.
Noting the expected change in ownership and related acquisition process, PACRA has placed the ratings of First Capital Investments Limited on Rating Watch and would monitor the related developments. “Rating would be reviewed once it is settled,” confirmed PACRA.
First Capital Investments Limited (FCIL) commenced operations in 1995. The company is sponsored by First Capital Securities Corporation Limited (FCSC) the holding company of First Capital group with 87% shareholding.
FCIL is currently managing one open-end, equity fund namely First Capital Mutual Fund (FCMF) with assets under management of PKR 208mln at end June-18.
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