Press Release
VIS Reaffirms Corporate Governance Rating of Pak Oman Investment Company Limited
Karachi, August 05, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Corporate Governance Rating (CGR) of Pak Oman Investment Company Limited (‘POICL’ or ‘the Company’) to ‘CGR 9+’. Rating of ‘CGR 9+’ denotes very high level of corporate governance. The previous rating action was announced on August 28, 2025.
Established in 2001, POICL operates as a joint venture between the Government of Pakistan (GoP) and the Sultanate of Oman (SO). In addition to its main office in Karachi, POICL also maintains a branch office in Lahore and representative offices in Islamabad, Gwadar, and Muscat. POICL is categorized as a Development Financial Institution (DFI) by and under the regulatory oversight of the State Bank of Pakistan (SBP).
The corporate governance rating reflects POICL well-established governance framework, supported by its sovereign ownership structure, balanced Board representation, and effective governance oversight. The Board continues to benefit from the collective experience of directors representing both sponsoring governments, while recent appointments have strengthened Board continuity and ensured a fully constituted governance structure. Board committees remain active and effective, providing oversight across strategy, risk management, internal controls, financial reporting, and regulatory compliance, supported by regular Board performance evaluations and a clearly defined management governance framework. The Company's enterprise-wide risk governance framework, independent risk management and internal audit functions, and structured internal control environment support prudent decision-making and accountability across the organization. Governance practices have been further strengthened through continued integration of ESG considerations, enhancement of information technology governance and cybersecurity controls, and robust business continuity arrangements. The Company has obtained license for its Islamic Finance Department. Through this Islamic Finance window POICL aims to offer various asset and liability products in the year 2026 and onwards under the supervision of qualified Shariah Advisor. Disclosure practices remain satisfactory, with timely regulatory reporting and transparent communication with stakeholders. The reaffirmation of the rating also incorporates POICL's sound financial risk profile, underpinned by improving asset quality, strong capitalization, adequate liquidity, and a conservatively managed investment portfolio.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk
Applicable Rating Criteria:
Corporate Governance Rating
https://docs.vis.com.pk/Methodologies-2025/Corporate-Governance-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf