Press Release

JCR-VIS revises Management Quality Rating of Pak Oman Asset Management Company Limited
 

Karachi, March 6, 2015: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Management Quality Rating of Pak Oman Asset Management Company Limited from ‘AM3-’ (AM- Three Minus) to ‘AM4+’ (AM- Four Plus). Rating Watch- Developing status assigned to the rating has been removed. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on December 31, 2014.

Pending merger with KASB Funds Limited, the company had been operating with considerable gaps in the management team. Performance of funds under management has remained weak in relation to peers while financial strength of the AMC itself has reduced significantly on account of equity erosion.

The merger process has recently been called off and as per management, sponsors are in the process of injecting equity which will allow the company to meet minimum capital requirement. Following this, vacancies in the management team will be filled. JCR-VIS will continue to monitor developments and will review rating once progress is noted as regards the above.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861 - 70 or fax to 021-35311873.



Jamal Abbas Zaidi
Deputy CEO




Applicable Rating Criteria: Mutual Fund Rating - December 2006
http://jcrvis.com.pk/Images/MutualFundsRevised2.pdf

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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 2015 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

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