Karachi: International Industries Limited (IIL) has successfully processed a 35% final cash dividend for the fiscal year ending June 30, 2024, according to a recent company announcement. The payment, facilitated by Habib Bank Limited, benefited 4,225 shareholders on October 9, 2024. Despite this progress, dividend payments to 527 shareholders remain withheld due to missing CNIC or International Bank Account Number (IBAN) details.

This withholding aligns with the Companies (Distribution of Dividends) Regulations, 2017, specifically Sections 6(i) and 6(ii), which mandate the availability of these details for dividend distribution. According to information available from the Pakistan Stock Exchange (PSX), the delayed dividends highlight a significant compliance issue that affects numerous shareholders.

In response to this issue, International Industries Limited urges all shareholders to register their bank account details, including the bank’s name, branch address, and email, to facilitate future electronic dividend payments. This compliance is crucial under Section 242 of the Companies Act, 2017, which requires public listed companies to distribute dividends directly to the shareholders’ designated bank accounts.

Furthermore, the company has advised shareholders with unclaimed dividends to contact the CDC Share Registrar Services Ltd. within 90 days to lodge a claim, as per the provisions of Section 244(1)(iii). This move is part of a broader effort to streamline dividend payments and ensure all shareholders receive their dues promptly.