The Second Annual General Meeting (AGM) of Pak Oman Investment Company (Pak-Oman) was held on March 17, 2004 in Karachi and chaired by Yahya Bin Said Bin Abdullah Al-Jabri. The audited financial statements for the year ended December 31, 2003 were discussed and approved by the shareholders.
The financial performance of the Company received much appreciation on account of its exceptional results, despite being a relatively fresh entrant in the financial sector.
In its first full year of operations, the Company's Pre-tax Profit was recorded at Rs 441 million (US$ 7.68 million) representing a threefold increase in profitability. The Company's total assets stand at Rs 7.60 billion (US$ 132.40 million).
The shareholders also approved the special resolution for amendments in the Memorandum & Articles of Association necessary for conversion of Pak Oman from private limited company and its subsequent listing on the Pakistani and Omani Stock exchanges, subject to approvals from competent authorities.
This step will provide access to capital markets in both countries.-PR
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