March 5, 2003	Wednesday	Muharram 1, 1424

KARACHI, March 4: JCR-VIS credit rating company has placed the BBB/A-3 ratings assigned to Al-Zamin Leasing Modaraba on “rating watch” in view of its proposed merger with First Professional Modaraba, says a press release.

The merger plan has been approved by the boards of directors of both the entities. “However, it is subject to the relevant approvals required by law being successfully obtained.” A swap ratio of 1:1 has been proposed for this merger with Al-Zamin Leasing Modaraba being the surviving entity (AZLM).

“JCR-VIS is also in the process of evaluating the impact of this merger on AZLM and will provide its comments in this regard in due course of time.”