Karachi: Al-Abbas Sugar Mills Limited has successfully distributed a 100% interim cash dividend for the period ending June 30, 2024, to its shareholders via electronic transfer. This distribution was completed on August 12, 2024, and was directly deposited into the bank accounts of shareholders who have complied with regulatory requirements.

According to information available from the Pakistan Stock Exchange (PSX), the company has adhered to the statutory obligations under Section 242 of the Companies Act, 2017, as amplified by SRO 145(I) 2017 issued by the Securities and Exchange Commission of Pakistan. This regulation mandates that dividends be credited only to shareholders who have provided their complete bank details, including their International Bank Account Number (IBAN) and Computerized National Identity Card (CNIC) information.

The news of this dividend payment was conveyed through advertisements in the Daily "The Nation" and Daily "JEHAN PAKISTAN" on August 15, 2024. The company further noted that the dividends have been withheld for shareholders who have not yet updated their bank account details as required. This withholding is a compliance measure to ensure that all transactions adhere to the legal requirements intended to safeguard shareholder interests and promote transparency in financial dealings.