Press Release

JCR-VIS Maintains Rating of Pak-Kuwait Takaful Company Limited at A-

Karachi, December 30, 2009: JCR-VIS Credit Rating Company Limited has maintained the financial strength rating of Pak-Kuwait Takaful Company Limited (PKTCL) at ‘A-’ (Single A Minus).

With growth in business volumes, the proportion of motor business has started to decline, though it continues to be the predominant avenue of business generation. New business relationships have been forged in recent months for pursuing diversification and the management has put in place aggressive growth targets for FY2010, with motor to contribute 55% of the business mix.

The company has recently made a rights issue of Rs. 150m, which has been fully subscribed. This had helped in improving liquidity and capitalization indicators, which had come under stress on account of accumulated deficit in the Participants Takaful Fund.

The shareholding of Etiqa Overseas Investment Pte Ltd (Etiqa) has enhanced from the existing 25% to 32.5%, as some existing investors did not subscribe to their share of rights issue, which has been taken up by Etiqa. Representative of Etiqa has now assumed the role of Chairman of Board of Directors and the company expects to receive greater level of input from this sponsor, going forward. Outlook on the assigned rating has been revised from ‘Positive’ to ‘Stable’.

For further information on this rating announcement, please contact Syed Ziauddin Ahmed (Ext: 508) or Ms. Sobia Maqbool (Ext: 506) at 021-35311861-70 or fax to 021-35311873.

Faheem Ahmad
President & CEO

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited