KARACHI, March 18: Pak Oman Investment Company (Pvt) Limited plans to seek listing on Pakistani and Omani stock exchanges. A press release issued by the company on Thursday stated that the second annual general meeting of the company was held on Wednesday, which was chaired by Yahya Bin Said Bin Abdullah Al-Jabri.

It said that the shareholders approved the special resolution for amendments in the Memorandum & Articles of Association "necessary for conversion of Pak Oman from private limited to a public limited company and its subsequent listing on the Pakistani and Omani stock exchanges, subject to approvals from competent authorities".

The company said that the step would provide access to capital markets in both countries. Earlier, the shareholders discussed and approved audited financial statements for the year ended December 31, 2003.

The statement said that the financial performance of the company "received much appreciation on account of its exceptional results, despite being a relatively fresh entrant in the financial sector."

In its first full year of operations, Pak Oman had recorded pre-tax profit in the sum of Rs441 million ($7.68 million), representing a threefold increase in profitability. The company's total assets stood at Rs7.60 billion ($132.40 million).