Karachi, Arif Habib Limited (AHL), a leading financial institution, announced its Board of Directors' recommendations in a meeting held on September 26, 2023, at the Arif Habib Centre and via video-link facility. The recommendations include cash dividends, bonus shares, and right shares for the year ended June 30, 2023.

Cash Dividend:

The Board of Directors has recommended a final cash dividend of Rs. 2.50 per share, equivalent to 25% of the face value. This dividend is in addition to the interim dividend, which was previously paid at Rs. Nil per share.

Bonus Shares:

Arif Habib Limited also recommended the issuance of bonus shares at a ratio of Nil shares for every Nil shares held, resulting in a bonus share distribution of Nil%. This is in addition to the interim bonus shares already issued.

Right Shares:

The Board has further recommended the issuance of Nil% right shares at par, at a discount, or at a premium of Rs. Nil per share. These right shares will be issued in proportion to Nil share(s) for every Nil share(s). The entitlement of right shares being declared will or will not be applicable to the previously declared bonus shares.

Election of Directors:

In compliance with Section 159(1) of the Companies Act, 2017, the Board of Directors had earlier set the number of directors at seven, to be elected in the upcoming Annual General Meeting for a three-year term. After the election, the total strength of the Board of Directors will be seven elected directors and the CEO of the Company, who will be a deemed Director under Section 188(3) of the Act.