Karachi: MCB Bank Limited has declared a 90% second interim cash dividend, equating to PKR 9.00 per share for the quarter ending June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the dividend will be payable to shareholders listed on the Bank’s Register of Members at the close of business on August 19, 2024. The Bank’s Share Transfer Books will be closed from August 20, 2024, to August 22, 2024, during which no share transfers will be registered.
In compliance with the Securities & Exchange Commission of Pakistan (SECP) regulations, dividends will only be disbursed to shareholders who have provided valid CNIC, NICOP, Passport, or NTN details, along with their International Bank Account Number (IBAN). The bank emphasizes that dividends will be withheld if these details are not on file. Shareholders are urged to ensure that the bank accounts linked to their IBANs are active to facilitate direct credit of dividend payments.
Additionally, the bank has issued a reminder regarding unclaimed dividends and share certificates. Shareholders are encouraged to contact the Share Registrar and Transfer Agent to claim any undelivered or unclaimed dividends and share certificates. For joint account holders, the bank requests detailed shareholding information to accurately calculate withholding taxes based on filer and non-filer status.
The Lahore High Court’s recent ruling exempts mutual funds approved by the Federal Board of Revenue (FBR) from needing a tax exemption certificate under Section 159 of the Income Tax Ordinance, 2001, to claim tax immunity. However, other shareholders are required to provide either an FBR approval certificate or a valid tax exemption certificate by August 26, 2024, to avoid tax deductions on dividends.
Lastly, in alignment with Section 72 of the Companies Act, 2017, MCB Bank is urging shareholders to convert their physical shares into book-entry form through an account with the Central Depository Company (CDC) of Pakistan. This conversion will ensure safer and more efficient management of shareholdings.