Pakistan Stock Exchange Announces Dividend Payments and Book Closure Dates

Karachi, The Pakistan Stock Exchange has issued an official notice regarding its second interim dividend for the financial year ending June 30, 2024, as well as book closure dates. The Board of Directors confirmed these decisions at a meeting on April 29, 2024, with a subsequent publication scheduled in “Dawn� and “Jang� newspapers on April 30, 2024.

The company will distribute a second interim cash dividend of Rs. 1.00 per ordinary share (10%) and Rs. 0.50 per convertible preference share (5%). This is in addition to the interim cash dividend of Rs. 2.50 per share (25%) on both ordinary and convertible preference shares previously paid during the year. Eligibility for the dividend payment will be determined by the shareholder registry as of May 10, 2024.

The share transfer books will be closed from May 13, 2024, through May 15, 2024. Transfers submitted up to the end of business on May 10, 2024, will be included in the dividend payment. The notice also detailed tax implications, specifying a 15% withholding tax for filers and 30% for non-filers, based on statuses verified against the Active Taxpayers List on the Federal Board of Revenue’s website.

Additionally, corporate members must submit their National Tax Number to the company’s share registrar, FAMCO Share Registration Services in Karachi to ensure accurate tax deductions.

Joint shareholders are reminded to specify their share proportions for correct tax deduction by May 10, 2024. Those with a valid tax exemption certificate are encouraged to submit it before the book closure to claim exemption from withholding tax.

To facilitate electronic transfer of the dividend, shareholders are required to provide bank account details, including the International Bank Account Number, to the share registrar or the CDC. Changes in registered addresses or zakat deduction declarations should also be communicated accordingly.

The company emphasized the importance of shareholders providing a valid CNIC to receive dividend payments, noting that the names of those who fail to comply can be accessed on the company’s official website.