Pakistan Petroleum, the country’s second largest oil and gas explorer, announced an early dividend of Rs5 for every Rs10 ordinary share in an unscheduled board meeting held on Tuesday.
An early dividend was issued to support the government’s fiscal needs, according to analysts. The government holds a majority share in the company and at least 50% of the total dividend amount will go to them.
A similar situation happened in June 2008 when the explorer announced an early cash dividend of Rs10.5 per share mainly to support the government’s fiscal needs, according to JS Global Capital.
The 50% dividend is the second dividend announced by the company for the year ended June 30, 2011, taking the year’s tally to Rs10.
The company’s stock at the stock exchange fell 0.3% to close at Rs212.91 on Thursday.
Published in The Express Tribune, June 22nd, 2011.
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