Karachi: In compliance with the listing regulations of the Pakistan Stock Exchange (PSX), Jubilee Life Insurance Company Limited has declared an interim cash dividend for 2024. The announcement, scheduled to be published on August 22, in "Business Recorder" and "Nawa-e-Waqt," will detail a dividend payout of Rs. 3.00 per share, or 30%, as decided by the company's board on August 20, 2024.

To be eligible for the dividend, shareholders must be registered by the close of business on August 27, 2024. The company’s Share Transfer Books will be closed from August 28 to August 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the entitlement will be processed through electronic payments directly to shareholders' bank accounts, adhering to the requirements of Sections 242 and 243 of the Companies Act, 2017.

Shareholders are required to submit their banking details, including International Bank Account Number (IBAN), using a Bank Mandate Form available on the company’s website, to ensure compliance with electronic dividend payments. This mandate is in line with the Securities and Exchange Commission of Pakistan’s (SECP) directives to enhance transparency and efficiency in dividend distribution.

Furthermore, the company highlighted the tax implications for dividend receipt. Withholding tax rates are set at 15% for filers and 30% for non-filers, urging shareholders to ensure their compliance with tax regulations to benefit from the lower tax rate. This adjustment is significant for joint shareholders, who must declare their respective shareholdings to the Share Registrar by August 27, 2024, to avoid equal distribution assumptions.

Additionally, Jubilee Life Insurance has advised shareholders of the exemption protocols for withholding tax on dividends, which require a valid tax exemption certificate presented to the company’s Share Registrar.

For shareholder convenience and record-keeping, the Central Depository Company (CDC) has established a Centralized Cash Dividend Register (CCDR), accessible through the CDC's e-Services web portal. This system allows shareholders to track their dividend payments and retrieve necessary reports for tax and zakat deductions directly from the portal or through their respective stock brokers.