ISLAMABAD: Mari Petroleum Company Limited (MPCL) has paid an amount of Rs 9.718 billion on account of redemption of preference shares.
According to the company’s spokesman, based on approval from SECP, Board of Directors, government of Pakistan (GoP) and shareholders in the extraordinary general meeting (EOGM) held on June 23, 2016, the Mari Petroleum Company Limited (MPCL) has redeemed preference shares held by GoP/others along with profit for the applicable period. MPCL has already redeemed the preference shares issued to the minority shareholders of the company.
Early redemption of preference shares held by GoP and minority shareholders is a great achievement on part of the company. With efficient management of cash flows, early redemption of preference shares will result in cost savings for the company, whereas, GoP has benefitted in the shape of lump sum payment of Rs 9.718 billion.
