Press Release

JCR-VIS Reaffirms Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited at CGR-9

Karachi, January 25, 2019: JCR-VIS Credit Rating Co. Ltd. has reaffirmed the Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at ‘CGR-9’. The previous rating action was announced on December 29, 2017.

The assigned rating incorporates the sound governance structure of PKIC, in context of Joint Venture Agreement (JVA) between the two sponsoring sovereigns, Government of Pakistan (GoP) and Government of Kuwait (GoK). Both shareholders have equal representation on the Board. PKIC has a sound corporate governance framework underpinned by strong financial transparency, management profile and effective functioning board & management level committees. Frequency of board and committee meetings, high attendance record and comprehensive discussion on various aspects of the company during the meetings demonstrates high level of engagement of Board members.

During 2017 and 2018 changes were witnessed at senior management level which included new appointments as well as internal transfer. A satisfactory succession plan is also in place. The company has a well-defined organizational structure with each functional area overseen by a separate qualified and experienced senior resource. Disclosures available in the public are adequate and made in a timely manner. Internal controls and compliance framework are also considered sound.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.

Jamal Abbas Zaidi

Applicable Rating Criteria: Corporate Governance Ratings (August 2017)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2019 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited