Karachi: VIS Credit Rating Company Limited (VIS) has officially withdrawn the entity ratings previously assigned to Allied Rental Modaraba (ARM). This decision follows a strategic demerger within the company, which resulted in significant structural changes, including the transfer of its logistics operations to a newly formed entity.

According to VIS Credit Rating Company Limited, the logistics business of ARM was recently moved to Allied Transport and Logistics Limited, which now holds all related assets and liabilities. Concurrently, other business segments of ARM were shifted to Allied Rental Services Limited, formerly known as Allied Engineering Management Company Limited. This restructuring led to the surrender and cessation of the license held by the Modaraba management company.

The withdrawal of these ratings marks the end of an era for ARM under its previous structure and reflects the significant realignment within the company's operational and management frameworks. The last rating action on ARM took place on August 07, 2023, indicating the now-concluded oversight by VIS under the previous business configuration.