The Ministry of Finance on Tuesday released operational and financial data of the joint investment companies in Pakistan and credit rating of these foreign investors declared by the rating agencies. According to the data issued by the Ministry of Finance, joint investment companies operating in Pakistan included Pak-Kuwait Investment Company Limited.
Pak-Libya Holding Company (Pvt) Limited; Saudi-Pak Industrial & Agricultural Investment Company (Pvt) Limited; Pak-Oman Investment Company Limited; Pak-Iran Joint Investment Company; Pak-Brunei Investment Company Limited and Pak-China Investment Company Limited.
This is for the first time that the Finance Ministry has issued data of joint investment companies with their interest income; dividend and capital gains; fee income; gross income; profits; advances and fixed assets information, etc.
The data revealed that the major areas of operation of Pak-Kuwait Investment Company Limited are assisting in setting up of new industries and in the expansion and modernisation of existing industries. Undertaking all functions generally performed by an investment company in respect of the projects ie Industrial projects including those in public sector located in Pakistan and having local equity only.
The Paid up Capital of the company was Rs 6000 million in 2007 and the credit rating of the Company by Pacra, assigned in 2007 is Long Term A-1+ (A minus one plus) and Short Term AAA.
The Finance Ministry has specified that the major areas of operation of Pak-Libya Holding Company (Pvt) Limited include project financing, investment banking and treasury operations. Its investment and financing operations encompass both fund-based (Project Financing, Lease Financing, Capital Market Operations) and non-fund-based (Financial Services and Resources Mobilisation) activities.
According to the Finance Ministry, the credit rating of the Company by Pacra, assigned in 2007 was Long Term AA- (Double A minus) and Short Term A1+ (A one plus). The Saudi-Pak Industrial & Agricultural Investment Company (Pvt) Limited extends financial assistance to medium and large industrial & agricultural projects.
The range of facilities is also extended to term financing, direct equity participation, stock market operations, private placements, underwriting of public issues, lease financing, guarantees, resource mobilisation from national and international financial markets, investment of short term funds and corporate financial advisory services. The credit rating of the Company by JCR-VIS, assigned in 2007 was Long Term AA+ (Double A Plus) and Short Term A1+ (A one plus).
The Finance Ministry has also highlighted that the main areas of activities of Pak-Oman Investment Company Limited are project financing of industrial and agricultural sectors, lease finance, investment banking, money market operations and establishing subsidiary companies. The credit rating of the Company by JCR-VIS, assigned in 2007 was Long Term AA+ (Double A Plus).
The data further revealed that the major areas of operation of Pak-Iran Joint Investment Company include the development and institutionalisation of appropriate systems and procedures which provide the best mechanism for efficiently operating in Pakistans financial environment.
Additionally, the company is focusing on building a strong risk management framework in line with the requirements of the State Bank of Pakistan. This risk management framework shall also be anchored around the systems automation process, the deployment and testing of which is underway.
The major areas of operation of Pak-Brunei Investment Company include economic progress and development of Pakistan by providing world class financial advisory services as well as financial support to viable projects in high growth, capital-starved sectors of the economy.
Pak Brunei aims to be at the vanguard of innovation in Investment banking services, offering the best solutions to our clients, value to our shareholders. It is required to obtain credit rating within 6 months.
The Ministry of Finance further said that the Pak-China Investment Company Limited is making investment in financial sector, but not limited to commercial banking and specialised services such as asset management, housing finance and investment banking etc.
They further make investment infrastructure projects, including but not limited to development of real estate, hotel and tourism projects, various construction projects. The credit rating of the Company by JCR-VIS Long Term AA- (Double A Minus) and Short Term A1+ (A One Plus).