KARACHI, Feb 24: Pakistan Industrial Credit and Investment Corporation (PICIC) has declared 50 per cent bonus shares and 12.5 per cent cash dividend for 18 months ending on December 31, 2003.

PICIC had earlier announced 15 per cent interim bonus shares and 12.5 per cent interim cash dividend. Its board of directors, that met here with deputy chairman Basheer Jan Mohammad in the chair, approved another 35 per cent bonus shares. Managing director Muhammad Ali Khoja apprised the meeting of the performance of PICIC in 18 months ending on December 31, 2003.

A press release issued after the board meeting said that PICIC's income from investment stood at Rs1.876 billion at end-December 2003, which was part of its total income of Rs3.27 billion.

Total expenses amounted to Rs1.84 billion. Operating profit and profit after taxation stood at Rs1.43 billion and Rs1.353 billion, respectively. Earning per share and break-up value per share stood at Rs11.72 per share and Rs28.34 per share, respectively.

The board noted that PICIC had been shortlisted for the acquisition of National Investment Trust. It also noted that as part of its business diversification plan PICIC was going to set up an insurance company by the name of PICIC Insurance Ltd.

PICIC also plans to establish a university of international standard having a degree awarding status backed by an international affiliation.