Pakistan Petroleum Announces Final Dividend for 2023-24 and Schedules Book Closure

Karachi: Pakistan Petroleum Limited (PPL) has declared a final cash dividend for the fiscal year ended June 30, 2024, at Rs. 2.50 per share, which amounts to a 25% dividend on Ordinary Shares. This announcement follows the Board of Directors meeting on September 20, 2024. The dividend is subject to approval at the company’s Annual General Meeting scheduled for October 25, 2024. Shareholders registered by the close of business on October 17 will be eligible for the dividend.

The company also announced that the Share Transfer Books would be closed from October 18 through October 25, 2024, both days inclusive. According to information available from the Pakistan Stock Exchange (PSX), this closure period will assist in the preparation for the upcoming dividend disbursement.

The dividend distribution is subject to withholding tax at rates dependent on the shareholder’s tax status. Active Tax Payer List (ATL) members will be taxed at 15%, while those not on the ATL will face a 30% deduction. Shareholders are urged to ensure their status is updated on the Federal Board of Revenue’s website to benefit from the lower tax rate. Furthermore, joint shareholders must declare their share proportions by October 17 to facilitate accurate tax deductions.

Additionally, the company has outlined procedures for shareholders to register bank mandates for electronic dividend payments and provided guidelines for the conversion of physical shares into Book-Entry Form in compliance with Section 72 of the Companies Act, 2017.

Changes in registered addresses or declarations for non-deduction of Zakat should be communicated to the Share Registrar. Dividends will only be paid to members who have provided a valid CNIC, with non-compliant members listed on the company’s website.

The notice of the final dividend and book closure will be published in the “Dawn” and “Jang” newspapers on September 21, 2024.

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