PPL to evaluate potential engagement with foreign investors for Reko Diq project

By MG News | September 28, 2023 at 11:18 AM GMT+05:00

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September 28, 2023 (MLN): The Board of Directors (BoD) of Pakistan Petroleum Limited (PSX: PPL) has decided to evaluate a potential engagement with sovereign foreign investors with respect to the Reko Diq Project, PPL’s filing on local bourse revealed today.

The board has decided to appoint advisors through its associated company, Pakistan Minerals (Private) Limited (PMPL) to assist in this regard.

PPL was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development, and production of oil and natural gas resources.

It is pertinent to note that PPL's profit for FY23 surged by 79% YoY to Rs97 billion.

Along with the FY23 financial results, the board of directors (BoD) also recommended a cash dividend of Rs1.50 per share (15%) on Ordinary Shares and Rs1.50 per share (15%) on Convertible Preference Shares.

At the time of writing, the company's share is being traded at Rs74.54, up by 0.09% compared to the previous close.

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