The 86th Meeting of the Board of Directors of Pakistan Kuwait Investment company (Private) Limited was held here recently and was attended by the Directors having equal representation from the Government of Pakistan and Kuwait Investment Authority.
The Directors appreciated the performance of the company during the first half of 2004 and showed their satisfaction over various achievements of the company.
The Board appreciated the initiatives and measures adopted by the company to maintain its leading position amongst DFIs through exceptional profitability and growth in asset base and remarkable growth in shareholders equity.
Managing Director, Zaigham Mahmood Rizvi apprised the Board of Directors regarding various achievements that were attained through the concerted efforts of the management to make Pak-Kuwait as one of the most professional organisation of the country.
The accounts for the first half of 2004 were considered and approved by the Board of Directors, The Managing Director briefed the Board that during the first half of 2004, the company's operations and profits were as per budgets. These, according to him, were the direct result of improved economic and market conditions of the country.
The business activities related to corporate finance started pouring the desired results in the form of new assets being booked as envisaged in the strategic business plan of the company. On an aggregate basis, fresh disbursements were made to new and existing clients, which were 143 percent times greater as compared to the corresponding period of the previous year. Out of the total disbursements, a substantial contribution originated from the newly established Lahore office.
Major disbursements were made to industries in textile, steel and engineering, transport & communications, and food. The gross portfolio size at the end of the first half reflects a 39 percent improvement over the corresponding period of the previous year. The progress in other areas and activities was also observed to be satisfactory.
In terms of salient diversified initiatives of Pak-Kuwait, the company has undertaken the initiative to launch Islamic insurance in Pakistan by the name of The First Takaful Insurance Company (General), and Family Takaful for life, health, education etc.
The company has also undertaken the initiative to acquire a Commercial Bank, establish an Asset Management Company,) and set-up office in Faisalabad.
The Board noted as a matter of pride for Pak-Kuwait, that the Company has become the first institution in Pakistan whose 'AAA.' (Triple A) Credit Rating has been reaffirmed in the year 2004, by both the independent and approved credit rating agencies of the country. Pakistan Credit Rating Agency (Pacra) and JCR-VIS Credit Rating Co (Pvt.) Limited. The Corporate Governance Rating of Pak Kuwait has been upgraded from CGR-8 to CGR-9.
The Board also recorded its appreciation of Pak-Kuwait for receiving two internationally recognised prestigious Awards for the year 2004 bestowed by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
The 'Corporate Governance Award' has been bestowed upon Pak-Kuwait Investment Company Limited and the 'Outstanding CEO Award' has been awarded to Zaigham Mahmood Rizvi.-PR