Pak Oman Group launches brokerage services

Pak Oman Investment Co. Ltd, the parent company of the new firm is a joint venture between the Sultanate of Oman and the Government of Pakistan and this will be the third company to be rolled out under its portfolio of financial services.

The mandate and the vision of the upcoming capital brokerage house is to focus on international markets and participate in attracting foreign capital in Pakistan. The formed company will initially be launched as a private limited company and will soon go for dual listing. The other signatory was Oman based Vision Investment Services Company.

Speaking at a high powered and well-attended ceremony in Dubai, His Excellency, Yahya Said Al - Jabiri, Chairman Pak Oman Group of Companies, expressed his delight in welcoming Metal Investment Holding Corporation & Vision Investment Services to the Pak Oman Family.

Highlighting the success of Pak Oman Investment Company, he said that Pak Oman Brokerage Service Ltd. would be our third associate company. The Company is currently in the expansion mode, exploring various venues of business while escalating its niche in the financial sector.

Pak Oman Microfinance Bank and Pak Oman Asset Management Company (POAMC) were established last year and are now fully operational. The Microfinance Bank now has a nationwide network of 15 branches providing micro credit.

The Asset Management Company aims to provide clients with new opportunities that will meet their changing investment needs in a dynamic environment. The firm has successfully launched two funds both of which were heavily oversubscribed, and is in the process of launching an Islamic based Shariah compliant fund in November 2007.

The country's strong economic performance, highly positive financial results in the banking sector, deregulation in the telecom sector, Privitisation, and implementation of major economic reforms during the last five years have added strength and financial soundness to our Stock Investment Markets. Foreign Banks and major investment houses are eyeing Pakistan as an attractive investment destination.

'Metal Investment Holding Corporation, a subsidiary of Giga Group, was established in 2000. The company was established to explore investment opportunities in different regions and sectors. The company is amongst a few other companies that has made total investment of USD 100 Million in various establishments in the UAE and Pakistan' was stated by Haji Mohammad Rafiq Giga- Chairman Giga Group of Companies

Speaking on the occasion, Mr. Zafar Iqbal, Managing Director, Pak Oman Investment Company and Member of Pak Oman Asset Management Company said that 'Pak Oman has decided to convert this company as a major Investment Holding Corporation. Acquiring business under the umbrella of private equity and establishing subsidiaries to explore other areas of operations are a main objective. Pak Oman Brokerage Services is yet another milestone in our endeavour to promote bilateral investments in both the sponsoring countries'.

Mr. Ali Muhammad Juma, CEO, Vision Investments, and one of the first Directors of Pak Oman Brokerage Services Limited said'We are confident of the economic performance of Pakistan. We are in the business of human capital, choosing right business partner while heading to new markets is the key factor. Together with Pak Oman and Metal Investment Holdings, we shall achieve new success in this sector', said Mr. Ali.