January 17, 2003	Friday	Ziqa'ad 13, 1423

KARACHI, Jan 16: The 7th Board meeting of Pak Oman Investment Company was held on Thursday at the company’s head office in Karachi which was chaired by H.E. Yahya Bin Said Bin Abdullah Al Jabri (chairman — Capital Markets Authority, Oman), a press release issued by Pak Oman stated.

The meeting was attended by Dr Waqar Masood Khan (Secretary Economic Affairs Division, Government of Pakistan). Nasser Bin Khamis Al Jashmi (director general of budgets & contracts, ministry of Finance, Oman) Ahmed S. Al Wahaibi (Dy CEO, Oman Oil Company, Oman), Humayun Murad (CEO, Orix Leasing Pakistan Limited) Zafar Iqbal (MD & CEO Pak Oman) and Syed Jamal Macdi (CFO & Company Secretary).

The press release stated that the Board approved the first audited financial statements of the company along with Statement of Compliance with Corporate Governance and reviewed the operations of the company. “Commencing from March 2002, full- fledged operations spanned a period of nine months of which a significant amount of time was required for completion of incorporation formalities, establishment of office infrastructure and build up of the management team”, the statement said, and added that in those circumstances, gross income of Rs341 million for the period ending December 31, 2002, was appreciated by the Board.

During the period under review, the Board approved financing of Rs1,340m. By December 31, 2002, the company had disbursed Rs819m towards the credit portfolio and through financing via Term Finance Certificates (TFCs). Further disbursements of Rs521m were in the pipeline. The company had closed the year with a balance sheet footing of Rs5.38 billion.