Karachi, June 11, 2015 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the outlook on the assigned Management Quality rating of Pak Oman Asset Management Company Limited (POAMCL) from ‘Stable’ to ‘Positive’. The previous rating action for POAMCL (AM4+ (AM – Four Plus)) was announced on March 6, 2015.
The revision in outlook takes into account recent equity injection from sponsoring institution, as necessitated to comply with Minimum Capital Requirement of Rs. 230m. The equity injection reflects continued commitment from sponsoring institution, Pak-Oman Investment Company Limited. Presently, senior management positions at the company are mostly vacant. A business plan has been formulated, while company is in the process of filling vacancies in the management team. A rating review will be considered as further developments materialize.
For more information, contact:
Ms. Sobia Maqbool
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi