In
1964 Pakistan National Oil Limited (PNOL), the maiden National Oil
Company of the then Pakistan was established as a private limited
company. The company started functioning with an authorized capital of
Tk.2.00 crore. After the Independence of Bangladesh in 1971 the
Government of the Peoples Republic of Bangladesh acquired the assets and
liabilities of Pakistan National Oil Limited by virtue of Bangladesh
Abandoned Property (control, Management & Disposal) Order, 1972 (P.
O. No. 16 of 1972) and the Company was renamed as Bangladesh National
Oil Limited. The Company has been finally renamed as Jamuna Oil Company
Limited (JOCL) by the Government on 13 January, 1973. At that time the
company was operated by an adhoc committee called Oil Companies Advisory
Committee (OCAC) under Petrobangla, constitute by the notification No.
21 m-4/76 (NR) dated 21-4-73, M/O. Natural Resources.
Jamuna Oil Company
Limited was registered with the registrar of Joint Stock Companies
& Firms as fully Government owned Private Limited Company on 12
March, 1975 under Companies Act 1913 with authorized capital of Tk.
10.00 crore and paid-up capital of Tk. 5.00 crore. Subsequently, in the
year 1976 the assets and liabilities of the Company were transferred
& handed over to Bangladesh Petroleum Corporation (BPC) as per
schedule stated in clause 31(c) of BPC Ordinance No. LXXXVIII (published
in Bangladesh Gazette extra ordinary on 13 November, 1976). Since then
Jamuna Oil Company Limited has been functioning as a Subsidiary of BPC.
On 1 January, 1986 all assets and liabilities of Indo-Burmah Petroleum
Company Limited (IBPCL) were transferred to the Company.
In 2005-2006 FY the paid-up capital of the company was increased to Tk.
10.00 crore from Tk. 5.00 crore by issuing of bonus share out of its
profit. The company was converted into a Public Limited Company from a
Private Limited Company on 25 June, 2007 and its authorized capital was
increased to Tk. 300.00 crore. On 10 August, 2007 the paid-up capital of
the company was increased to Tk.45.00 crore by issuing bonus share of
Tk. 35.00 crore. The company was enlisted with Dhaka Stock Exchange
Limited and Chittagong Stock Exchange Limited on 9 January, 2008 with a
view to off-load 1.35 crore shares of Tk.10.00 each under direct listing
procedure and accordingly the shares of the company were off-loaded in
the capital market.
On 14th may,2011, in its 35th AGM, the company declared to pay 30% cash
dividend and 20% Bonus share of taka 10.00 each for the FY 2009-2010.
With this issuance of bonus share, company's total paid up capital
soared to Tk. 54.00 Crore.
On 11th february,2012, in its 36th AGM, the company declared to pay 30%
cash dividend and 30% Bonus share of taka 10.00 each for the FY
2010-2011. With this issuance of bonus share, company's total paid up
capital soared to Tk. 70.20 Crore.
In its 37th AGM, held on January 12, 2013, the company declared and
approved to pay 45% cash dividend and 30% stock dividend of taka 10.00
each for the FY 2011-12. As a result, company's total paid up capital
increased to 91.26 Crore.
There is a Board of Directors constituting of 9 members to run the
Company. The overall activities of the company are performed with the
approval of the Board of Directors. The company implements the
Government policies as per the guidance and directives of BPC from time
to time.
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