Pak Oman Asset Management Company Limited ("POAMCL" or the "AMC") was incorporated on July 28, 2006, as a public unlisted company.

On 31st May 2017, 100% of the shares of Askari Investment Management Limited were acquired by Pak Oman Asset Management for an amount of PKR 551 mln. The merger was completed and effective from October 31, 2017. POAMCL is licensed to carry out asset management and investment advisory services under the NBFC Rules, 2003, and the NBFC Regulations, 2008. As of Dec'25, the AMC's licenses to operate as an AMC and IAS have expired and are not yet renewed.

The market share of the AMC stood at approximately 0.05% as of Jun'26, reflecting a contraction from 0.04% in Jun'25 and 0.14% in Jun'24.

The AMC manages a diversified slate of nine open-end funds across various conventional and Shariah-compliant categories, including income, money market, and asset allocation funds.

Investor concentration remains a key vulnerability. At the fund level, the average share of the top ten investors is around ~80-90% of total AUMs, while related party holdings constitute a substantial portion, averaging ~54% of total AUMs at the end of Mar'26.

The AMC is a 99.46% owned subsidiary of Pak Oman Investment Company Limited. The remaining 0.54% is held by Oman International Development and Investment Company, SAOG.

The parent company, Pak Oman Investment Company Limited, was formed as a joint venture between the Governments of Pakistan and Sultanate of Oman in July 2000. It provides corporate banking, investment banking, and treasury services.

The AMC derives its financial strength from its parent company, which provides strong institutional backing. As of Dec'25, Pak Oman Investment Company reported robust financials with total assets of PKR 387bn and a profit after tax of PKR 557mln. The company is rated AA+ (long-term) , further reflecting its financial stability.

The AMC's Board of Directors comprises five members, including three non-executive directors, one of whom serves as the Chairperson, one executive director who also serves as the CEO, and one independent director.

The board members have strong educational backgrounds and carry extensive diversified experience. The Chairman, Mr. H.H Juland Jaifer Salim Al-Said, successor of Mr. H.E. Yahya Bin Said, has over 17 years of experience at the Oman Investment Authority (OIA) (Previously known as the State General Reserve Fund), the largest sovereign wealth fund of the Sultanate of Oman, in the areas of Private Equity, Real Estate, and Risk Management.

The board has established two committees: an Audit, Risk & Compliance Committee and a Human Resources Committee to ensure effective oversight.

The internal audit function is outsourced to RSM Avais Hyder Liaquat Nauman, Chartered Accountants, while the external auditors are BDO Ebrahim & Co., Chartered Accountants, which falls under the ‘A’ category of SBP’s audit firm rankings. The auditors have explicitly highlighted a material uncertainty related to the AMC's ability to continue as a going concern.

The organizational structure aligns with the operations of the AMC. The AMC operates through eight main departments which fall under the purview of the CEO except for the internal audit department which reports to the audit committee.

The senior management team comprises professionals with relevant experience across finance, fund management, and service delivery functions. Ms. Sadaf Kazmi, Chief Executive Officer, holds a Master of Public Administration (MPA) and brings 26 years of overall experience. Hafiz Muhammad Anus Asad, Manager Finance, is a CA-Finalist with six years of overall experience and has recently joined the AMC as Manager Finance. Muhammad Ajaz Awan, Head of Service Delivery, holds a Master of Business Administration (MBA) and has 16 years of overall experience. Arsalan Javed Salam, CIO – Fund Management, holds a Master of Science (MSc) and brings 17 years of overall experience. Hammad Asif, Fund Manager, holds a Bachelor of Business Administration (BBA) in Finance and has 2.2 years of overall experience.

The AMC is maintaining an in-house system to conduct the operations of unit management, settlement, and fund accounting. The modules also generate tailor-made MIS reports for analytical purposes.

Internal Audit plan, approved by Audit Committee, encompasses the review of the internal control system, which includes policies/procedures, physical safeguards, KYC/AML and monitoring of compliance function pertaining to NBFC regulations. The compliance and risk functions are not segregated and are overseen by one dedicated person.

The AMC's credit risk profile remains constrained, primarily due to regulatory non-compliance at the fund level, as two of its nine open-ended funds remain below the prescribed PKR 100mln minimum AUM requirement. Moreover, the balance sheet carries sizeable receivables from funds under management, while receivables from revoked funds have been fully provided for, reflecting limited recoverability.

The AMC’s liquidity profile remains weak, marked by limited liquid resources and continued pressure on internal cash generation. The liquidity position is further aggravated by the AMC’s persistent shortfall against the minimum regulatory equity requirement, with timely capital support from the sponsor or a new investor remaining critical. Portfolio allocations are monitored on an ongoing basis against approved limits; however, the prevailing liquidity and capital constraints continue to limit the AMC’s financial flexibility.

The AMC remains exposed to interest rate risk given the concentration of its funds in fixed-income and money-market categories. An increase in interest rates may adversely affect the valuation and performance of existing fixed-income holdings in the near term, potentially resulting in weaker fund returns and higher redemption pressure.

The investment committee comprises the CEO, CFO, CIO, Fund Managers, and Head of Compliance & Risk. Mr. Arsalan Javed Salam, serving as the Chief Investment Officer holds a Master’s Degree in International Banking & Finance and reports to the CEO. He brings with him 17 years of overall professional experience within the financial services industry, including 3 years in his current role as the CIO, during which he has had fixed income, money market and equity/asset allocation funds under management.

The investment committee meets formally on a weekly or as-needed basis. However, daily informal meetings are held for making decisions pertaining to asset allocations and fund management.

The AMC is using research from the top ten brokerage houses.

The Investor Services Department provides investor education, personalized solutions, and client reporting. Retail customer outreach is expected to be enhanced by allowing investments in AMC's mutual funds through the digital platform of Emlaak.

In addition to publishing fund manager reports on a monthly basis, the AMC also disseminates unit holder statement every month through email (subscription), which comprises net asset value and month end closing values.

The AMC has segregated the marketing and distribution department into two departments: i) Sales and Marketing, which is responsible for the corporate sales, separately managed accounts, and investor services ii) Retail Sales which is responsible for penetration into the retail market.

The AMC’s AUM position remains weak, with total AUMs standing at PKR 2.1bn as of Jun’26 (Jun’25: PKR 1.5bn), largely driven by a temporary influx into the Pak Oman Micro Finance Fund. Despite the significant inflows witnessed during FY26, the fund experienced a substantial redemption cycle, resulting in AUMs declining to PKR 764mln by Jun’26. The sharp fluctuations and limited retention of AUMs highlight continued challenges in maintaining a stable and sustainable asset base.

The management fee of the AMC has declined in line with the AUM contraction to PKR 36.0 mln during CY25 (CY24: PKR 59.5 mln; 3MCY26: PKR 10.5 mln) . The AMC reported a significant net loss of PKR 29.9 mln during CY25 (CY24: net loss of PKR 6.4 mln; 3MCY26: net loss of PKR 12.6 mln) . Consequently, the equity of the AMC has fallen sharply to PKR 202.5 mln at end-CY25 (CY24: PKR 232.4 mln; 31 Mar 2026: PKR 189.9 mln) , which is below the minimum regulatory requirement of PKR 230 mln. The AMC's significant decline in equity and expired licenses have led to a "Material Uncertainty relating to Going Concern" in the latest audit report.