Karachi: The Board of Directors of Pak-Gulf Leasing Company Limited (PGLC) announced a second interim cash dividend of 17.5 percent, equivalent to Rs 1.75 per share of Rs 10 each, for the fiscal year ending June 30, 2025. This follows a previous declaration of a first interim cash dividend of 22 percent, or Rs 2.20 per share. The announcement was made during a board meeting held on April 22, 2025, with details set to be published in the Business Recorder and Nawa-e-Waqt newspapers on April 24, 2025.
To facilitate the dividend distribution, the company's share transfer books will remain closed from May 5 to May 7, 2025. Share transfer requests received by the close of business on May 2, 2025, will be considered eligible for the interim cash dividend. Shareholders are urged to update any changes to their registered addresses and submit necessary declarations, particularly concerning non-deduction of zakat, to the relevant registrars.
According to information available from the Pakistan Stock Exchange (PSX), the dividend payment will be executed electronically, as mandated by regulations. Shareholders are required to provide their International Bank Account Number (IBAN) and a valid Computerized National Identity Card (CNIC) to facilitate electronic payments. THK Associates (Pvt) Limited will handle the submission of e-dividend mandates for physical shareholders, while those with shares in the Central Depository Company of Pakistan (CDC) are to coordinate with their respective participants.
Withholding tax on the dividends will be deducted at rates of 15 percent for tax filers and 30 percent for non-filers, based on their status in the Active Tax Payers List available on the Federal Board of Revenue's website. Shareholders eligible for tax exemptions or reduced rates are advised to submit the necessary documentation.
PGLC has also reminded shareholders of the legal requirement, under Section 72 of the Companies Act, 2017, to convert physical shares into book-entry form by May 30, 2021. The company encourages physical shareholders to open sub-accounts with brokers or investor accounts with the CDC to comply with this directive.
Additionally, shareholders are prompted to claim any unclaimed dividends or bonus shares by contacting the company's Share Registrar. The Centralized Cash Dividend Register (CCDR) on the CDC's eServices Web Portal provides comprehensive details on cash dividends, including tax and zakat deductions, allowing shareholders to access this information by registering on the portal.
Pak-Gulf Leasing Company Limited continues to maintain transparent communication with its shareholders, ensuring compliance with regulatory requirements and facilitating efficient dividend distribution processes.