PPL’s 61st AGM approves 65% cash dividend, 25% bonus
PPL’s 61st AGM approves 65% cash dividend, 25% bonus
Karachi, September 28, 2012: The 61st Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held on September 28, 2012.
The AGM approved the financial statements together with the auditor’s report for the financial year ended June 30, 2012. It further approved payment of final cash dividend of 65 percent on ordinary share capital and issue of bonus shares in proportion of 1 ordinary share for every 4 ordinary shares held by members. This is in addition to an interim cash dividend of 50% already paid to the shareholders, bringing total distribution for the financial year 2011-2012 to 115 percent cash dividend and 25 percent bonus shares.
On behalf of the PPL Board, MD and CEO Asim Murtaza Khan apprised members about the company’s performance, focusing on significant events of financial year ended June 30, 2012. He stated that the company is focused on fast-track exploration and development activities to bring new discoveries on stream through extended well testing and early production facilities, arrest production decline in mature fields by deploying latest technology, installing booster compression facilities and enlarge portfolio of producing assets through local and international acquisitions.
To this end, significant milestones were recorded in the period under review. Key among these were the production increase from PPL-operated assets, a first in the company's recent history, enabled in part by effectively curtailing the decline rate of Sui Gas Field from 5 to 3 percent, significant progress in exploration activities in blocks acquired in 2009 and capturing business expansion opportunities on the international front.