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Karachi, In a recent development, Sitara Chemical Industries Limited has recommended a substantial cash dividend for its shareholders, further solidifying its commitment to value creation for investors. The decision was made during the Board of Directors meeting held on September 18, 2023, at 3:00 p.m. in Faisalabad.
The key recommendations by the Board of Directors are as follows:
1. Cash Dividend: The Board has proposed a final cash dividend for the fiscal year ending on June 30, 2023, at an impressive rate of Rs. 10 per share, equivalent to a remarkable 100%.
2. Bonus Shares: The company is considering issuing bonus shares, with the specific details to be determined in the future. The proportion of bonus shares to be allocated is yet to be finalized.
3. Right Shares: Similar to bonus shares, Sitara Chemical Industries Limited is contemplating the issuance of right shares, again with the details to be decided at a later date. The proposed right shares may be issued at par, at a discount, or at a premium of Rs. NIL per share, and the proportion of these shares will also be announced later.
The Annual General Meeting (AGM) of the company is scheduled for October 21, 2023, in Karachi, where these recommendations will be put forth for shareholder approval. Shareholders who wish to participate in these entitlements are required to have their names in the Register of Members by October 13, 2023.
In preparation for the AGM and associated matters, the Share Transfer Books of Sitara Chemical Industries Limited will be closed from October 14, 2023, to October 21, 2023, both days inclusive.
The company is committed to transparency and timely communication with its shareholders. In line with this commitment, the Annual Report of Sitara Chemical Industries Limited will be transmitted through PUCARS (Public Unlisted Companies’ Automated Reporting System) at least 21 days before the AGM, providing shareholders with comprehensive information about the company’s performance and financials.
Sitara Chemical Industries Limited has a long-standing history of delivering value to its shareholders, and these recent recommendations for generous dividends and potential bonus and right shares reflect the company’s dedication to its investors.
For further details and information, shareholders and interested parties are encouraged to visit the company’s registered office at 601-602, Business Centre, and stay tuned for updates regarding the upcoming AGM and entitlements.
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