Mari Petroleum Company Limited (MPCL) is set to invest Rs. 10 billion in its proposed wholly owned tech-focused subsidiary.
The Board in its emergent meeting held on September 23 has approved an investment of Rs. 10 billion by MPCL in the proposed wholly owned subsidiary company with focus on Data Centre, Cloud Computing, Artificial Intelligence and other new technologies including Petroleum and Mining Sectors by way of equity, the E&P giant said in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
Early last month, the company announced that its Board of Directors has approved the formation of a subsidiary with a focus on Cloud Computing and Artificial Intelligence.
The company posted a profit after tax (PAT) of Rs. 77.3 billion in the last fiscal year i.e. FY24, up 38 percent over the previous year.
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