Karachi, Shareholders of Al-Abbas Sugar Mills Limited have reason to rejoice as the company takes a significant step toward delivering value directly to their designated bank accounts. The company has successfully credited Interim Cash Dividend warrants for the period ending June 30, 2023, amounting to Rs. 15.00 per share (150%), using electronic channels. This move underscores the company's commitment to enhancing shareholder convenience and streamlining dividend distribution.

Through an efficient electronic mode, the Interim Dividend has been seamlessly deposited into the bank accounts of shareholders who have submitted their CNIC (Computerized National Identity Card) and International Bank Account Numbers (IBAN). This approach not only accelerates the dividend receipt process but also aligns with modern financial practices, reducing the need for physical transactions and paperwork.

The initiative demonstrates Al-Abbas Sugar Mills Limited's dedication to improving shareholder services and optimizing operational efficiency. By utilizing electronic channels for dividend disbursement, the company aims to provide a more accessible, transparent, and secure means of delivering financial benefits to its valued shareholders.

However, in adherence to the regulatory framework set forth by Section 242 of the Companies Act, 2017, and the subsequent directive outlined in SRO 1145 (I) 2017 by the Securities & Exchange Commission of Pakistan, the company has taken a prudent step to withhold dividend disbursement for shareholders who have yet to furnish complete bank details, including their IBAN.

This precautionary measure ensures that dividend distribution remains compliant with regulatory guidelines while safeguarding the interests of shareholders. Shareholders who have not yet provided their complete bank information are encouraged to promptly update their records to ensure they receive their entitled dividends in a timely manner.

Al-Abbas Sugar Mills Limited's move to credit interim dividends directly to shareholders' bank accounts signals a progressive approach to enhancing shareholder experiences and embracing technology-driven financial solutions. As the company continues to prioritize transparency, efficiency, and regulatory compliance, shareholders can look forward to more seamless and convenient dividend handling in the future.