Page 167 - Pakistan Oilfield Limited - Annual Report 2022

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Annual Report 2022

2022 2021
Percentage Amount Percentage Amount
holding Rs ('000) holding Rs ('000)

15. LONG TERM INVESTMENTS IN SUBSIDIARY
AND ASSOCIATED COMPANIES - AT COST

Subsidiary company
Unquoted
Capgas (Private) Limited
344,250 (2021: 344,250) fully paid
ordinary shares including 191,250
(2021: 191,250) bonus shares of Rs 10 each 51 1,530 51 1,530

Associated companies
Quoted
National Refinery Limited
19,991,640 (2021: 19,991,640) fully paid
ordinary shares including 3,331,940
(2021: 3,331,940) bonus shares of Rs 10 each
Quoted market value as at June 30, 2022:
Rs 5,049,289 thousand (2021: Rs 10,459,426 thousand) 25 8,046,635 25 8,046,635

Attock Petroleum Limited (APL)
6,984,714 (2021: 6,984,714) fully paid
ordinary shares including 3,616,314
(2021: 3,616,314) bonus shares of Rs 10 each
Quoted market value as at June 30, 2022:
Rs 2,242,258 thousand; (2021: Rs 2,242,303 thousand) 7 1,562,938 7 1,562,938

Unquoted
Attock Information Technology Services (Pvt)
Limited (AITSL)
450,000 (2021: 450,000) fully paid
ordinary shares of Rs 10 each 10 4,500 10 4,500
9,615,603 9,615,603
15.1 All subsidiary and associated companies are incorporated in Pakistan. Although the Company has less than
20 percent shareholding in APL and AITSL, these have been treated as associates since the Company has
representation on their Board of Directors.
15.2 The Company has assessed the recoverable amount of the investment in National Refinery Limited based on
higher of Value In Use (VIU) and fair value (level 1 in the fair value hirerarchy - quoted market price as at June
30, 2022). VIU is based on a valuation analysis carried out by an external investment advisor engaged by the
management. VIU has been assessed on discounted cash flow based valuation methodology which assumes
gross profit margin of 5.74% (2021: 2.71%), a terminal growth rate of 4.0% (2021: 4.0%) and weighted average
cost of capital of 17.51% (2021:20.05%).