The Pak Oman Investment Company Limited (POICL) has approved a 100 percent right issue to increase the company's paid-up capital to Rs 3 billion. Both the governments in their capacity of joint venture partners have already agreed to increase their respective equity of the company.
The approval came in 20 meeting of the Pak Oman Investment Company held in Muscat on December 17. The meeting was presided over by Pak Oman Investment Company Chairman Yahya Al-Jabri and attended by Director Dr Waqar Masood Khan, Nasser Al-Jashmi, Ahmed Al-Wahabi, Humayun Murad, and Zafar Iqbal.
The board of directors also approved company's business plan for 2006.
In the meeting, Pak Oman Investment Company Managing Director Zafar Iqbal briefed the board on the status of various projects and ventures.
To date, the board of directors has endorsed total financing of Rs 7.5 billion ($126 million) spread across a diversified client and sector base. The board expressed its unanimous appreciation for Pak Oman's risk evaluation strategy that has facilitated a recovery rate of almost 100 percent during the year.
Zafar Iqbal updated the board regarding the progress on the Pak Oman Micro-finance Bank and establishment of the Asset Management Company. It also appreciated the establishment of the Pak Oman's Muscat branch which is now operational.
The Pak Oman is a joint venture company established in 2001 under a joint venture agreement between governments of Pakistan and Oman, and has maintained a credit rating of AA+ for medium to long-term, and has been assigned a corporate governance rating of CGR-9 by the JCR-VIS Credit Rating Company Ltd.-PR