Karachi: Bank Alfalah Limited has announced the withholding of cash dividend payments for certain shareholders due to the absence of required identification and banking details. This measure affects those lacking a Computerized National Identity Card (CNIC) or an International Bank Account Number (IBAN).

The Board of Directors of Bank Alfalah, in its meeting on August 1, 2024, approved a second interim cash dividend of Rs. 2 per share, representing a 20% dividend, for the quarter ending June 30, 2024. Shareholders listed in the bank's register as of August 12, 2024, were eligible for this dividend. However, according to information available from the Pakistan Stock Exchange (PSX), the dividend disbursement is contingent on shareholders providing their CNIC and a 24-digit IBAN for electronic payment.

The withholding aligns with the Companies (Distribution of Dividends) Regulations, 2017, mandating direct credit of dividends to shareholder bank accounts. Bank Alfalah has reached out to affected shareholders, urging them to submit the necessary details to either their CDC Participant (if shares are held electronically) or directly to the Bank’s Share Registrar, F.D. Registrar Services Pvt. Ltd in Karachi, for those with physical shares.

Payments of withheld dividends will proceed electronically within 15 days of receiving the complete and valid information. This procedural enforcement aims to comply with regulatory requirements and ensure the secure and direct transfer of dividends to shareholders.