ISLAMABAD, Feb 18: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company on Friday recommended a 15 per cent dividend for the year 2004. It also approved the financial statements of the company for the year ended December 31, 2004.

According to a press release issued here, the 94th meeting of the board was held under the chairmanship of Dr Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Saudi Arabia.

The board also approved a financing of Rs706.2 million to 11 companies in manufacturing, communications and financial sectors. The companies in the manufacturing sector belong to energy, textile, cement, petroleum products, cables and wire and construction industries.

The financing will facilitate the expansion of existing production facilities, besides setting up new projects. Since its inception, Saudi Pak has provided financing facilities of Rs27,979.4m that included direct equity investment of Rs2,445.9m and term financing of Rs22,807.3m. In addition, the underwriting of public issues of shares and guarantees has also been provided for a total amount of Rs2,726.2m.

Saudi Pak, a joint venture of Saudi Arabia and Pakistan, is committed to accelerating industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by the private sector.