KARACHI, April 1: Pak-Kuwait Investment Company (PKIC) earned Rs984 million operating profit in the year ended 2001, says a company press release.

The board of directors of the company that met here on March 28 approved dividend payout worth Rs365 million inclusive an interim dividend of Rs165 million. The meeting presided over by PKIC Chairman Abdulazim M. A. Shamali noted that the company sanctioned 60 credit facilities worth Rs3 billion and disbursed Rs2.6 billion in the outgoing year — registering a 28 per cent rise in credit sanctions and 25 per cent in disbursement.

The board also approved PKIC participation in floating of a Rs100 million IT Venture Fund in collaboration of a local business house. The size of the fund will be raised gradually to Rs250 million.

PKIC is a 50:50 joint venture between the governments of Pakistan and Kuwait.