23rd AGM of OGDCL was held, 25pc cash dividend approved

Islamabad: The 23rd annual general meeting of Oil and Gas Development Company Limited (OGDCL) was held here in a local hotel .

The members approved financial statements for the fiscal year ended June 30, 2020 together with the Director’s and Auditor’s report. Final cash dividend of 25% of the par value of the shares i.e Rs 2.5 per ordinary share of Rs 10 each was also approved in the said AGM.

Moreover M/s KPMG Taseer Hadi & Co., Chartered Accountants and M/s A.F. Ferguson, Chartered Accountants were re-appointed as the statutory auditors of the company for the year 2020-21.

The AGM was presided over by Dr. Qamar Javaid Sharif, Chairman of the Board of Directors, OGDCL while other Directors of the Board were also present.

The Chairman shared the company progress and achievements gained during the last financial year and delineated that despite the COVID-19, the company stood resilient and OGDCL timely devised pandemic response plan, which was implemented across all production fields and operational areas.

He applauded the incumbent management of the company led by Mr. Shahid Salim Khan who has taken the company to new heights in respect of exploration, drilling and timely completion of ongoing development projects and stated that the management of OGDCL made necessary changes in the working practices to protect its personnel and operations, while simultaneously ensuring business continuity in the long run.*****