Bank of Khyber Announces Release of Withheld Shares Following Tax Adjustments

Peshawar: The Bank of Khyber has announced the release and crediting of previously withheld shares to shareholders, following resolution of tax implications under the new financial regulations. The bank’s notification to the Pakistan Stock Exchange on October 22, 2024, highlighted the distribution of 5% bonus shares, initially suspended due to taxation issues under section 236Z of the Finance Act, 2023.

According to information available from the Pakistan Stock Exchange (PSX), the Central Depository Company (CDC) of Pakistan confirmed that over 1.15 billion shares, valued precisely at 1,158.05 million, have now been credited to the respective shareholder accounts. This move comes after a detailed review and adjustments in line with the tax requirements specified in the latest finance legislation.

The issue stemmed from the withholding of these shares due to specific tax levies introduced in the recent Finance Act, which had delayed the bonus shares meant for distribution among the bank’s shareholders. The release of these shares is significant as it not only affects the shareholders’ investments but also reflects the bank’s compliance with the complex tax landscape in Pakistan.

This development is crucial for the Bank of Khyber’s ongoing efforts to ensure transparency and adherence to financial regulations, safeguarding shareholder interests and maintaining trust in the financial governance of the institution.

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