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Attock Petroleum plans to offer 10 million shares

KARACHI (December 13 2004): The Attock Petroleum Ltd (APL) will offer 10 million shares at 57.75 rupees by the end of next month through initial public offering which sales range of petroleum products in the country. According to a document, the company would offer 10 million shares while the total shares outstanding are 40 million.

The company is an associate company of the Attock Oil Group of Companies, which is a fully vertically integrated Group in the oil and gas sector of Pakistan, involved in exploration and production, refining and marketing.

The Pharaon Commercial Investment Group of Kingdom of Saudi Arabia, is the sponsor of the company, which as diversified global interest in upstream and downstream petroleum, chemical, cement and real estate.

The local shares of Attock Petroleum include Attock Oil Company, Attock Refinery Ltd, Pakistan Oilfields and Attock Cement Pakistan Ltd.

The APL product portfolio comprises motor gasoline, light diesel, furnace oil, high-speed diesel, kerosene oil, jet petroleum and various other petroleum, oil and lubricants products. As of November, the APL has commissioned 85 retail outlets across the nation, and plans to continue adding 22-25 sites each year.

In FY04, the APL's net earnings registered a jump of 98.1 percent to Rs 335.7 million, and the net sales increased by 35.3 percent to Rs 6.9 billion. The total volume of petroleum products sold stood at 438,452 tons as opposed to 381,532 tons in FY03. Net retention price per ton of products sold increased by 41 percent on back of high oil prices.

The company declared a dividend of 6.50 rupees per share and 68.5 percent bonus issue. On a bonus-adjusted basis APLs FY04 book value per share stands at Rs 13.8.

The APL is currently engaged in exploring opportunities in the neighbouring countries for the export of Naphtha, Jute Batching Oil and other POL products.

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