PACRA maintains the rating of ISE Towers REIT Management Company Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- January 09, 2023 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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The assigned rating emanates from ISE Towers REIT Management Company Ltd.'s ("ISE Towers or "The Company") business profile characterized by stable operating revenue and strong customer base. The diversified shareholding pattern of the Company comprises 219 shareholders (Corporates, Banks, DFIs, Insurance Companies, Modarabas, pension funds, and others). The assigned rating incorporates sound corporate governance, an experienced management team, an adequate control environment, and Company's pioneer status in the capital markets. The compliance function ensures adherence to all applicable internal and external rules and regulations.

The Company is deriving its core income from its dominating asset "ISE Towers" which is enjoying an almost 100% occupancy level. The multi-storey building is situated in the prime location of Blue Area, Islamabad. The Company is planning to convert the ISE Towers into REIT Fund. The project has achieved significant progress, in the shape of obtaining requisite approvals under REIT Regulation,2015, and the REIT Fund is likely to be launched in FY23.

Although the operating income of the Company...