Karachi: Mari Petroleum Company Limited announced the approval and adoption of its financial statements for the fiscal year ended June 30, 2024, along with the declaration of a final cash dividend and the issuance of bonus shares during its 40th Annual General Meeting (AGM) held today.
The meeting, chaired by top executives, confirmed the unanimous adoption of the financial statements that had been previously audited by M/s A.F. Ferguson and Co. According to information available from the Pakistan Stock Exchange (PSX), the company also approved a final cash dividend of Rs. 134 per share, following a prior interim dividend of Rs. 98 per share during the financial year.
Additionally, the AGM led to the authorization of significant changes in the company's Articles of Association and the reappointment of M/s A.F. Ferguson and Co. as the statutory auditors for the 2024-25 financial year. This reappointment came with a recommendation on auditor fees from the Board of Directors.
In a move to enhance shareholder value, Mari Petroleum resolved to issue over 1.07 billion new ordinary shares as fully paid bonus shares. These shares, set to be distributed at a ratio of eight new shares for every one share held, are derived from Rs. 10.59 billion of the Capital Redemption Reserve Fund and Rs. 82.19 million from un-appropriated profits as of June 30, 2024.
The company addressed the ongoing litigation regarding 5% of the bonus shares, which are currently sub-judice before the Sindh High Court (SHC). It was decided that these shares will be withheld until a final court decision is reached. Moreover, the fractional entitlements from the bonus shares issuance are to be consolidated and sold on the PSX, with the proceeds destined for donation as directed by the Board.
To facilitate the allocation of dividends and bonus shares, the Share Transfer Books of Mari Petroleum will be closed from September 19 to September 24, 2024. The Company Secretary has been empowered to ensure all formalities related to the bonus share issue are completed as required.