KARACHI, Dec 31: The board of directors of Pak Arab Refinery Limited (Parco) on Monday announced a cash dividend of 34 per cent for the year 2000-01 together with the issue of four bonus shares for every Rs10 face value share held (432 per cent).

The 89th board meeting was presided over by chairman PARCO, Syed Salim Abbas Jilani.

The company’s asset base increased by 33 per cent from Rs68.5 billion to Rs91 billion. The total value of approved bonus shares at Rs9.44 billion will push up the paid up capital of the company close to Rs12 billion. Consequently the authorised capital is being increased to Rs15 billion.

Parco chief said that the company met all of its external debt servicing commitments amounting to $120 million despite experiencing the impact of volatile oil pricing in global markets, says a press release.

He said company’s TFCs to the tune of Rs2.5 billion has been comfortably over-subscribed. The $480 million white oil pipeline project is also underway with all financial and contractual arrangements with China Petroleum Engineering and Construction Company in place.

The joint venture company of Papco (Pak Arab Pipeline Limited), with 51 per cent shareholding of Parco and remaining 49 per cent shared between PSO, Shell and Caltex will manage the 12 million tons a year capacity of refined oil products pipeline, which will help strengthen and streamline the energy supply logistics in the country.