KARACHI - The 59th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held here on Wednesday and approved the financial statements together with the auditors report for the financial year ended on June 30, 2010. It also approved payment of final cash dividend of 50 percent on ordinary share capital and issue of bonus shares in proportion of 2 ordinary shares for every 10 ordinary shares held by members. The new board comprising Hidaya-tullah Pirzada, Khalid Rahman, Sajid Zahid, Irshad A. Kaleemi, M Naeem Malik, Zain-ul-Abidin Magsi, Saifullah K. Paracha, Saquib H. Shirazi, Saeed Akhtar and Javed Akbar were elected for a 3-year term. On behalf of the Pakistan Petroleum Limited Board, MD and CEO Khalid Rahman apprised members about the companys performance, focusing on the significant events of the year 2009-2010. He stated that strategically the company remained on course, the main features of which were optimising production and reserves replacement, enhancing exploration activities and embedding good governance and responsible corporate citizenship across the board in all operational areas.