Samba Bank Limited Announces Closure for Tier II TFC Profit Payment

Karachi, Samba Bank Limited has officially communicated to the Pakistan Stock Exchange (PSX) about the forthcoming closure of its Tier II Term Finance Certificate (TFC) transfer books. This closure, scheduled from February 23, 2024, to February 29, 2024, inclusive of both days, is in anticipation of the sixth profit payment on these securities.

The announcement, detailed in a letter addressed to both the PSX and the Central Depository Company of Pakistan Limited (CDC), adheres to the regulations outlined by the CDC. These include Regulation Nos. 12.1.1, 12.2.1, and 12.4.1, ensuring compliance with the procedural norms for the handling of such corporate actions.

While specific details regarding the profit entitlements recommended by the Board of Directors were not disclosed, the notice emphasizes the bank’s commitment to transparency and regulatory compliance. This action does not pertain to any annual or extraordinary general meeting or the allotment of bonus securities, as such events are not applicable in this context.

Samba Bank Limited has requested the CDC to furnish the registration details of account holders and sub-account holders in alignment with the Central Depositories Act, 1997, and the CDC Regulations. This step is crucial for ensuring that all eligible security holders are accurately identified and receive their respective profit payments without any discrepancies.

This book closure represents a significant event for holders of Samba Bank’s Tier II TFCs, marking another phase in the bank’s financial calendar and reflecting its ongoing financial health and operational stability.