Limited AHL a subsidiary of the group was engaged in providing brokerage and

Limited ahl a subsidiary of the group was engaged in

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Limited (AHL), a subsidiary of the group, was engaged in providing brokerage and corporate finance services to a large number of institutional clients, high net-worth individuals and retail clients. AHL had a significant market share in the financial services business. The company provided financing and investment solutions related to equity and debt capital markets, mergers and acquisitions, financial advisory and structured finance. MCB Arif Habib Savings and Investments Limited was a leading asset management company in Pakistan catering to institutional and retail investors. Dolmen Group was one of Pakistan’s leading real estate organizations, primarily engaged in the development, construction and management of prime commercial real estate, including shopping malls, office towers and residential apartment blocks. Since its inception in 1984, the group had continued its expansion with several projects in the planning and construction phase as well as an available land bank for future developments. The Group currently owns and/or manages the largest portfolio of shopping malls in the country which include Dolmen City Mall, Dolmen Mall Hyderi and Dolmen Mall Tariq Road, all in Karachi. Arif Habib Dolmen REIT Management Limited ( AHDRML ), a joint venture of the Arif Habib Group and the Dolmen Group, was incorporated as a public limited company in 2009 (unquoted) under the Companies Ordinance 1984 and was registered under NBFC Rules with the Securities and Exchange Commission of Pakistan (SECP). The objective of the company was to launch and manage REITs on carefully selected and commercially viable real estate with the aim of bringing real estate investment within the reach of common investors. The company combined the expertise of Arif Habib Group and Dolmen Group, bringing together strength in financial markets, real estate and property management. Pakistan’s first REIT, DCR, was launched by AHDRML. The IPO took place on 12 June 2015 with the stock listed on all three stock exchanges of Pakistan. The successful launch of a REIT in Pakistan was the outcome of a long period of regulatory adjustments by the SECP and concerted efforts made by Arif Habib Group and Dolmen Group. REIT Regulatory Evolution and Issues Activities to establish a REIT regulatory regime in Pakistan started in 2005, when Prime Minister Shaukat Aziz showed interest in bringing this global investment vehicle to Pakistan. While the real estate market in Pakistan was growing, the sector remained capital starved. A need was felt to provide finance to this sector through the capital markets and to provide investment opportunities in real estate to small investors. REITs seemed to be a suitable vehicle for these objectives. In an attempt to introduce this instrument in Pakistan, the REIT Regulations 2008 were issued by SECP. However, no REIT could be launched under these regulations which were considered very stringent for the sponsors and fund managers. Ejaz described the situation thus: REIT Regulations 2008 were not very practical.
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