Sindh Modaraba Announces 12.50% Cash Dividend and Annual Review Meeting for 2023

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Karachi, Sindh Modaraba, a leading financial institution, has issued a notice regarding its 9th Annual Review Meeting scheduled for October 26, 2023. This meeting will allow certificate holders to review the Modaraba’s performance for the fiscal year ending June 30, 2023, as per the Prudential Regulations for Modaraba.

The Board of Directors of Sindh Modaraba has approved a generous final cash dividend of 12.50% (Rs. 1.25 per certificate) for the financial year ended on June 30, 2023, demonstrating the Modaraba’s commitment to its investors.

Certificate holders are advised that the Modaraba Certificate transfer book will be closed from October 19, 2023, to October 26, 2023 (inclusive). This closure is to determine the names of Certificate Holders entitled to receive the dividend and to attend the Annual Review Meeting.

One of the key agenda items for the meeting includes the transmission of Annual Audited Financial Statements to members through QR-enabled codes and Weblink. This innovative approach aligns with a recent SECP (Securities and Exchange Commission of Pakistan) directive, S.R.O. 389(1)2023, dated March 21, 2023, allowing listed companies to circulate annual financial statements through QR codes and Weblinks upon shareholder approval in Annual General/Review Meetings.

However, Sindh Modaraba will also offer the option to receive the annual audited financial statements via email, provided that members/shareholders have provided their email addresses. Additionally, hard copies of the statements will be sent free of cost to members/shareholders at their registered addresses within one week upon request using the standard request form available on the company’s website.

In light of these developments, Sindh Modaraba encourages its members/share/certificate holders to approve the transmission of Annual Audited Financial Statements via QR-enabled code and Weblink for a more convenient and eco-friendly reporting process.

Please note that the Modaraba Certificate transfer book shall remain closed from October 19, 2023, to October 26, 2023 (both days inclusive). Transfers received at the registrar’s office up to the close of business on October 18, 2023, will be considered timely for the entitlement of profit distribution and to attend the Annual Review Meeting.

Sindh Modaraba remains dedicated to serving its stakeholders and enhancing transparency in financial reporting through these progressive measures.

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