Karachi: Allied Bank Limited has declared a 2nd interim cash dividend for the year ending December 31, 2024, and announced the closure dates for its share transfer books.

The Board of Directors, in a meeting on August 21, 2024, approved a 40% dividend, amounting to Rs. 4.00 per share. The Share Transfer Books of the bank will remain closed from September 03, 2024, to September 05, 2024, for determining the entitlement of the dividend. All transfer requests must be submitted by the close of business on September 02, 2024, to be eligible.

According to information available from the Pakistan Stock Exchange (PSX), shareholders are required to update any changes in their registration details to ensure smooth processing of their dividends. This includes providing valid CNIC numbers, addresses, email addresses, contact details, and International Bank Account Numbers (IBAN) to the bank’s Share Registrar, CDC Share Registrar Services Limited, by the specified deadlines.

The bank is also adhering to mandatory regulations for the withholding of dividends for shareholders who have not provided their CNIC or accurate bank account details. For those whose dividends have been withheld, the bank has provided a procedure to claim these funds, detailed on the bank's investor relations website.

Furthermore, the bank has outlined the tax implications for dividend distribution, specifying different rates for those listed on the Active Taxpayers List (ATL) and those who are not. Detailed requirements for tax exemptions and the deduction of withholding tax are also provided, aligning with current fiscal regulations.

Lastly, in compliance with the directives of the Securities and Exchange Commission of Pakistan, Allied Bank Limited urges shareholders with physical shares to convert them into book-entry form. This conversion is essential for easier management and transfer of shares, facilitating better rates and safer custody in the stock market.