PSO’s shareholders resolve to increase authorised share capital

November 4, 2021 (MLN): The Shareholders of Pakistan State Oil (PSO) in the 44th Annual General Meeting held on October 26, 2021, has resolved that the authorized share capital of the company be increased from Rs5 billion divided into 500 million ordinary shares at Rs10 per share each to Rs10bn divided into 1bn ordinary shares of Rs10 each.

It has been also resolved that the recommendation of the Board of Management for payment of final cash dividend of Rs. 10 per share i.e., 100% in addition to the interim cash dividend of Rs. 5/- per share i.e., 50% already paid, thereby making a total cash dividend of Rs. 15/- per share i.e., 150% for the financial year ended June 30, 2021, be and is hereby approved.

Moreover, the Audited Unconsolidated and Consolidated Financial Statements of the Company for the year ended June 30, 2021, as audited by M/s. KPMG Taseer Hadi & Co., Chartered Accountants together with the Report to the Shareholders and Auditors Report thereon, be and are hereby approved and adopted during the meeting.

The shareholders further resolved that the Managing Director & CEO and/or the Company Secretary, be and are hereby singly or jointly authorised to do all acts, deeds, and things.

They are also authorised to take any and all necessary steps to fulfill the legal, corporate, and procedural formalities and to file all documents/returns as deemed necessary, expedient, and desirable to give effect to this resolution.

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