The government will earn Rs 4.182 billion, to finance its budget deficit before June 30, through dividend announced by Pakistan Petroleum Limited (PPL). The board of directors of PPL approved payment of second interim dividend for the year ending June 30, 2011 at Rs 5 per share ie 50 percent on the fully paid ordinary shares of Rs 10 each.
The decision was taken by the PPL board of directors at an emergency meeting held here on Tuesday. The government holds 70 percent shareholding in PPL''s total 1195 million shares. PPL had already announced payment of first interim dividend for the year ending June 30, 2011 at Rs 5 per share ie 50 percent, and the government had earned Rs 4.182 billion. According to a notice sent to Karachi Stock Exchange (KSE), the above entitlement will be paid to the shareholders whose names will appear in the register of members at the close of business on June 28, 2011.
The share transfer books of the company will be closed from June 29, 2011 to July 7, 2011 (both days inclusive). It was the third time when the company announced dividend in emergency meeting of the board. The company had also issued cash dividend of Rs 10.5/share (105 percent) and Rs 5.0/share (50 percent) in similar emergency board meetings held on June 19, 2008 and December 19, 2008, respectively.