Karachi: Al Abbas Sugar Mills Limited has successfully credited interim dividend warrants, covering a 100% cash dividend for the period ending June 30, 2024, to shareholders who complied with regulatory requirements. The dividends were disbursed on August 12, 2024, via electronic transfers to designated bank accounts.

In an announcement released to the media, including forthcoming advertisements in "The Nation" and "JEHAN PAKISTAN" scheduled for August 15, the company confirmed the electronic transfer of dividends. Shareholders who provided their Citizen National Identity Card (CNIC) numbers and International Bank Account Numbers (IBAN) received Rs. 10.00 per share directly into their accounts.

However, Al Abbas Sugar Mills noted that it withheld the dividend payments for shareholders who have not yet submitted complete bank account details. This measure adheres to Section 242 of the Companies Act, 2017, enforced by Securities & Exchange Commission of Pakistan (SECP) notification SRO 1145 (I) 2017. According to information available from the Pakistan Stock Exchange (PSX), this practice ensures compliance with national financial regulations, aiming to enhance transparency and accountability in financial transactions involving public companies.

This development highlights the company's adherence to statutory regulations and its commitment to ensuring timely and transparent distribution of dividends to its shareholders.