Attock Petroleum Ltd issue has been oversubscribed by 18 times and the company received Rs 10.767 billion, against the requirement of Rs 577.5 million. The company received 370,721 applications at the rate of Rs 57.75 per share including a premium of Rs 47.75 per share. The balloting is expected on Tuesday in Karachi. In FY04, APL's net earnings jumped by 98.1 percent to Rs 335.7 million. Net sales increased by 35.3 percent to Rs 6.9 billion. In FY04, total volume of petroleum products sold stood at 438,452 tons as opposed to 381,532 tons in FY03.

APL declared a dividend of 6.5 rupees per share and 68.5 percent bonus issue.

APL's management plans to continue aggressive expansion of retail outlet network in the near term to enhance market presence. In FY05, APL plans to open 22 more outlets all over Pakistan.

The company is an associate of Attock Oil Group of Companies, which is a fully vertically integrated Group in the oil and gas sector of Pakistan. Pharaon Commercial Investment Group Limited, of Saudi Arabia is the sponsor of the company which has diversified global interests in upstream and downstream petroleum, chemical, cement and real estate sectors. Local shareholders of APL include Attock Oil Company Ltd, Attock Refinery Ltd, Pakistan Oilfields and Attock Cement Pakistan Ltd.

The trading in Attock Petroleum is expected to start from next month following the completion of the balloting, issuance of share certificates and other procedures.

Copyright Business Recorder, 2005