Press Release

JCR-VIS reaffirms Corporate Governance Rating of Pak Oman Investment Company Limited at CGR-9

Karachi, October 11, 2012: JCR-VIS Credit Rating Co. Ltd. has reaffirmed the Corporate Governance Rating of Pak Oman Investment Company Limited (POIC) at ‘CGR-9’.

Corporate governance ratings are based on an evaluation of key governance areas of the rated enterprise, which include regulatory compliance; ownership structure; composition and operations of the board of directors and executive management; self-regulation; financial transparency and relationship with stakeholders.

POIC has been established under a joint venture arrangement between the Government of Pakistan (GoP) and the Sultanate of Oman. The Joint Venture (JV) agreement between the sponsors defines the role of each shareholder. Both shareholders have equal representation on the company’s Board of Directors (BoD).

The rating action takes into account the sound corporate governance practices in place at POIC. The company has all requisite policies and manuals in place. Improvements in organizational infrastructure have served to further improve the implementation of policies and decisions as taken by the Board of Directors. Further segregation in the roles of the Board and management may be considered.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (sobia@jcrvis.com.pk /ext: 604) at 35311861-70 or fax to 35311872-3.




Javed Callea
Advisor

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright October 11, 2012 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.