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Pak Oman Group starts brokerage services

DUBAI — The UAE-based Metal Investment Holding Corporation, a subsidiary of Giga Group, became a signatory to the shareholders agreement for the launch of Pak Oman 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.

The mandate of the new brokerage house is to focus on international markets and attract foreign capital to Pakistan. The new company will initially be a private limited company and will soon go for dual listing. The other signatory was the Oman-based Vision Investment Services Company.

Yahya Said Al Jabiri, Chairman, Pak Oman Group of Companies, said the brokerage firm would be the group's third associate company. "The group is currently in the expansion mode, exploring various business avenues while strengthening its niche in the financial sector."

The other two associate companies are Pak Oman Microfinance Bank and Pak Oman Asset Management Company. The microfinance bank now has a nationwide network of 15 branches providing micro credit.

Haji Mohammad Rafiq Giga, Chairman Giga Group of Companies, said Metal Investment Holding Corporation, established in 2000, seeks to explore investment opportunities in different regions and sectors. The company has made total investments of up to $100 million in various sectors in the UAE and Pakistan.

Zafar Iqbal, Managing Director, Pak Oman Investment Company and member of Pak Oman Asset Management Company, said acquiring business under the umbrella of private equity and establishing subsidiaries to explore other areas of operations would be a main objective. "The brokerage service is yet another milestone in our endeavour to promote bilateral investments in both the sponsoring countries.”