Karachi: Pakistan Service Limited informed Karachi Stock Exchange about the recommendations made by the board of directors in the meeting held at Islamabad on September 16, 2015.
The agenda of the meeting was discussion of un-audited interim and un- consolidated profit and loss account for the year ended June 30, 2015 which portrayed a profit after taxation of Rs. 1,051,871 and earnings per share Rs.32.34 basic and diluted. Moreover the un-audited interim of consolidated profit and loss account for the year ended June 30, 2015 which portrayed a profit after taxation of Rs. 962,415.
Further, 50% payment of cash dividend, nil payment of bonus shares and right shares was agreed.
The annual general meeting of the company is scheduled to be held on October 29, 2015 at the registered office of the company in Islamabad.
Further, the share transfer books of the company will remain closed from October 23 – 29, 2015 both days inclusive.
Pakistan Services Limited was incorporated in Pakistan on December 6, 1958 in Karachi as a public limited company. The foundations of the company have been laid under the Companies Act, 1913 now referred to as the Companies Ordinance, 1984. The company is engaged in the hotel business and owns and operates the chain of “Pearl Continental Hotels” in Pakistan. PSL owns six luxury hotels in all major cities of Pakistan. The total capacity of all six hotels is 1,526 rooms which are managed by more than 3000 employees across Pakistan. The shares of the company are quoted on the Karachi Stock Exchange of Pakistan.
The subsidiary of the company is Pearl Tours and Travels Private Limited, Pear Continental Hotels Private Limited, Bhurban Resorts Private Limited and Mustafa International Private Limited.
The “PC” logo is a local brand and a registered trademark owned by PSL. The company has granted the use of its trademark to other hotel operating companies across the country. “Zaver Pearl Continental Hotel” set up in the deep seaport city of Gwadar, Baluchistan owned by a sister concern Hashwani Hotels Limited and upcoming PC Faisalabad Hotel both these hotels have been granted franchise by PSL to use the said trademark. PSL has also granted use of its trademark to another sister concern M/s. Hotel One Private Limited. It is running hotels in different parts of the country namely, Islamabad, Multan, Faisalabad, Sialkot, Bahawalpur and Lahore.
The symbol “PSEL” is being used by the stock exchanges for the shares of Pakistan Services Limited.