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The authorized share capital of the Company is
Rs.2,500,000,000 divided into 250,000,000
ordinary
shares of Rs.10 each. The paid-up share capital
of the Company is Rs.918,750,000 divided into
91,875,000 ordinary shares of Rs.10/- each. The
detail of shareholding and paid-up capital is
as under:
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Shareholder |
Shareholding
(Shares in Million) |
Paid-up Capital
Amount
(Rupees in Million) |
%age |
|
Fauji Foundation |
36.750 |
367.50 |
40.0% |
|
Government of Pakistan |
16.721 |
167.21 |
18.2% |
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OGDCL |
18.375 |
183.75 |
20.0% |
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General Public |
20.029 |
200.29 |
21.8% |
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Total |
91.875 |
918.75 |
100% |
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Under the terms of Participation and Shareholders Agreement, the original Shareholders i.e. Fauji Foundation, GoP and OGDCL have the pre-emption right to purchase the shares if offered for sale by any of the three parties.
Return to the Shareholders
At present the guaranteed return to the shareholders of the Company is 30% per annum. The shareholders are entitled to further increase in return on incremental production from the level of 425 MMSCFD (at the rate of 1% for every 20 MMSCFD of gas or equivalent oil produced, prorated for part thereof on annual basis) subject to maximum of 45% per annum. The total Return @ 33.43% on the basis of financial results was paid to the shareholders during the year ended June 30, 2011.
Gas Pricing
Price of the gas produced from Mari Gas Field is determined by the Price Determining Authority of the Government under the provisions of Mari Gas Wellhead Price Agreement which is a cost plus formula. The gas price formula thus provides the profitability at a guaranteed level and ensures the financial liquidity of the Company.
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