|Date: October 9, 2013|
|Pakistan State Oil holds its 37th Annual General Meeting|
Karachi - 9th October, 2013: Pakistan State Oil Company Limited, the oil market leader and one of the largest companies in Pakistan, held its 37th Annual General Meeting at a local hotel in Karachi on Wednesday, 9th October, 2013. The meeting was chaired by Dr. Mirza Ikhtiar Baig, Member, Board of Management (BOM) of PSO. Present at the meeting were Mr. Amjad Parvez Janjua, Managing Director, PSO; Raja Hameed Saleem, Member BOM; Mr. Sohail A Butt, DMD (Finance & IT); Mr Jehangir A Shah, DMD (Operations) and other members of the PSO Management team.
Mr Janjua provided an overview of Pakistan's economy and the energy sector, with a particular focus on oil and gas sector. He highlighted the petroleum consumption pattern in the country, PSO's product-wise market share and the competitive landscape of the oil market. The presentation covered key financial and market performance indicators of PSO and the management's strategic objectives to establish the company's market leadership on sustainable basis, develop PSO as a brand of choice for customers, rationalize product portfolio, optimize procurement, ensure quality, safety and environmental efficiency; and maximize return to the shareholders while fulfilling corporate social responsibilities.
In the course of the meeting, Dr. Baig shed light on the present and evolving energy mix, potential role of coal and nuclear fuel in electricity generation and the corporate and investment profile of Pakistan. He also touched upon the elements of corporate government and the role of the Board of Management.
The AGM approved financial statements together with auditor's report for the fiscal year ended June 30, 2013 besides payment of final cash dividend of 25 percent on ordinary share capital. This is in addition to an interim cash dividend of 25 percent already paid to the shareholders and issuance of bonus shares in proportion of 1 ordinary share for every 5 ordinary shares held by the shareholders, bringing total distribution for the financial year 2012-13 to 50 percent cash dividend and 20 percent bonus shares.
The shareholders appreciated the corporate performance and strategic direction of PSO and suggested improvement in certain aspects of management and governance. Acknowledging the value of points raised and suggestions made by the shareholders, the Board of Management of PSO assured the shareholders that the company will follow the best corporate practices to maximize the value of business for all the stakeholders including the shareholders and the country.