KARACHI - The 58th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) has approved the issue of 500 million ordinary shares of Rs 10 each to increase the authorized share capital of the company to 1.5 billion shares. The meeting held here Tuesday, has also approved the financial statement together with the auditors report for the financial year ending June 30, 2009, and approved payment of final cash dividend of 30 percent on ordinary share capital and issue of bonus shares in proportion of 2 ordinary shares for every 10 ordinary shares. On behalf of the PPL board, S.R. Poonegar apprised members about the companys impressive performance, focusing on the significant events of the year 2008 - 2009. PPLs Managing Director and Chief Executive Officer Khalid Rahman highlighted that the company earned a record profit after tax of Rs. 27.7 billion, translating into an all-time high earning per share of Rs. 33.38, up 41 percent from Rs. 23.75 in the corresponding period last year. Referring to companys future prospects, Khalid Rahman said the PPL management had chalked out a comprehensive strategy with key performance objectives to counter operating challenges and fast-track exploration efforts, optimising hydrocarbon reserve replacement and production. He pointed out that a multi-pronged approach, based on forging strategic local and international partnerships through a variety of means including farm-ins/farm-outs, joint bidding and swap agreements, bad also been adopted to meet company targets. Following the AGM, PPL also hosted a briefing for research analysts that drew an enthusiastic response from the financial community.