Karachi, August 30, 2012 (PPI-OT): Kindly refer to your totter no.KSE/C-1079-5039 dated 25 June, 2012 regarding your query on shareholders’ approval for PPL’s acquisition of MND Exploration and Production Limited (MND), a company based in UK. We had responded vide our letter reference CS/3E4684 dated 27 June, 2012 advising that the acquisition of MND is still under process and the position on shareholders’ approval will be conveyed to the Stool Exchange in due course.
We would now wish to advise that the matter of shareholders’ approval was reviewed by the Company’s legal advisors. As per the legal opinion, the proposed transaction would be categorized as an investment and therefore requires approval of the Board of Directors of the Company under section 196(2) of the Companies Ordinance, 1984. Which has already been procured by PPL. It has further been confirmed by the Company’s legal advisors that the proposed investment would not require a shareholders’ approval.
For more information, contact:
Mubabasshar Siddique
Company Secretary
Pakistan Petroleum Limited
PIDC House, Dr Ziauddin Ahmed Road,
Karachi-75530, Pakistan.
Tel: (021) 35651480-98, 35857730-39, 35681391-95
UAN: (021)111-568-568
Fax: 92-21-35680005 and 92-21-35682125