KARACHI, Dec 3: The 11th Board meeting of Pak Oman Investment Company (Pak Oman) has accorded approval to the conversion of the company from private limited to public limited and its subsequent listing on the stock exchanges in Pakistan and Oman.

The meeting which was chaired by Yahya Bin Said Bin Abdullah Al-Jabri here on Monday also approved the third quarter financial statements of the company.

During the first nine months period (Jan-Sept) 2003 profit before tax increased to Rs373 million ($6.4m) from Rs90 million ($1.56m) the same period last year, denoting a three fold increase in profitability. Total assets have also increased to Rs6,388 million ($110.4m) from Rs5,382 million ($93m) during the same period.

A press statement of the company said that the meeting also approved financing of Rs1,382 million in the form of long- and short-term loans as well as lease financing.

The board praised the Investment Banking Division of the company for successfully completing a number of advisory and arrangement mandates worth approximately Rs7 billion.

It also appreciated the efforts of Pak Oman as one of the primary dealers for governments securities. In less than two years of operations, the company has positioned itself in a leading financial institution and plays an active role in trading of government and corporate bonds, with an emphasis on strong control and ethical trading practices.

The meeting was also attended by Dr Waqar Masood Khan, Nasser Bin Khamis Al-Jashmi, Ahmed S. Al-Wahaibi, Humayun Murad, Zafar Iqbal, MD & CEO Pak Oman Investment Company, and Syed Jamal Macdi, CFO & Company Secretary.