Karachi, KotAddu Power Company Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on February 22, 2018.
The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2017 which portrayed a profit of Rs. 2,214,370 with earnings per share 2.52 basic and diluted respectively.
Further, 43.50% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from April11, 2018 to April 18, 2018 (both days inclusive).
KotAddu Power Plant was built by the Pakistan Water and Power Development Authority in five phases between 1985 and 1996. It is located in KotAddu, district Muzaffargarh, Punjab. In April 1996, KotAddu Power Company Limited was incorporated as a public limited company under the Companies Ordinance, 1984 with the objective of acquiring the Power Plant from WAPDA. The principal activities of KAPCO include the ownership, operation and maintenance of the power plant. Successful completion of the offer for sale by the privatization commission on behalf of WAPDA in February 2005, 18% of KAPCO’s shareholding is now held by the general public. KAPCO is listed on the Karachi, Islamabad and Lahore Stock Exchanges of Pakistan.
KAPCO is an independent power producer with a capacity of 1600 MW. It comprises of ten multi fuel fired gas turbines and five steam turbines which are divided into three energy blocks with each block having a combination of gas and steam turbines. The power plant operates using combined cycle technology which enables it to use the waste heat from the gas turbine exhaust to produce steam in the heat recovery steam generator. It is a multi fuel gas turbine power plant with the capability of using natural gas, low sulphur furnace oil and high speed diesel to generate electricity.
The symbol “KAPCO” is being used by the stock exchange for the shares of KotAddu Power Company Limited.