Karachi: We enclose herewith computation of free reserves as of 30 June, 2011 alongwith the review report of the auditors thereon dated 9 August, 2011 for the proposed Bonus issue to the shareholders in proportion of 1 ordinary share for every 10 ordinary shares held i.e. 10%.
The above is submitted under Rule 6 (read with Rule 5) of Companies (Issue of Capital) Rules 1996 for information of the Stock Exchanges.
Computation of Free Reserves in Terms of Rull 6 (Read with Rules 5) of the Companies (Issue of Capital) Rules, 1996 as of June 30, 2011
Proposed bonus issue rate10% (1 shares for each 10 share hold)
Proposed cash dividend rate 20% (Rs. 2 per shares)
|
Rupees in thousand |
|
| Capital | |
| Paid-up Ordinary share capital | 11,949,792 |
| Add: Proposed issue of bonus shares | 1,194,979 |
| ———- | |
| Ordinary shares capital as will be enhanced by bonus shares | 13,144,771 |
| ———- | |
| Reserves | |
| Unappropriated profit Less: | 48,380,020 |
| Proposed cash dividend | 2,389,959 |
| Proposed issue of bonus shares | 1,194,979 |
| Proposed transfer to asset acquisition reserve | 5,000,000 |
| Proposed transfer to insurance reserve | 5,000,000 |
| ———- | |
| 13,584,938 | |
| ———- | |
| 34,795,082 | |
| Less: Contingent liabilities | 1,571,166 |
| ———- | |
| Free reserves after issue of bonus shares | 33,223,916 |
Note: General and contingency reserve, insurance reserve and asset acquisition reserve have not been considered for the purpose of calculation of free reserves.
Free reserves after issue of bonus shares is hight than 25% of the increased capital.
For more information, contact:
Pakistan Petroleum Limited
PIDC House, Dr. Ziauddin Ahmed Road,
Karachi – 75530,
Pakistan.
UAN: (021) 111-568-568
Tel: (021) 35651480-98
Fax: 92-21 35680005