Karachi: Meezan Bank has completed the distribution of an interim cash dividend for the fiscal year ending December 31, 2024. Shareholders received a dividend of Rs. 7 per share, which amounts to 70% of the bank's per-share earnings. The dividend was credited electronically between August 29 and August 30, 2024, directly into the designated bank accounts of shareholders who provided valid International Bank Account Numbers (IBANs).
The dividend distribution follows the approval from the Board of Directors during their meeting on August 8, 2024. In accordance with Section 242 of the Companies Act, 2017 and the Companies (Distribution of Dividends) Regulations 2017, Meezan Bank withheld dividends for shareholders who did not provide valid IBANs or who provided incomplete or incorrect bank account details.
According to information available from the Pakistan Stock Exchange (PSX), notices for the credit of the dividend were published nationwide today in both "Business Recorder" and "Daily Express." The notices aim to inform shareholders of the credit and guide those whose dividends were withheld on how to claim their funds. Shareholders are requested to provide complete bank account details, including a valid IBAN on an E-Dividend Mandate Form, to ensure receipt of their dividends.
For shares held in electronic form through the Central Depository Company (CDC), shareholders are advised to contact their Broker/Participant/Investor Account Services for further assistance. The CDC has also developed a Centralized Cash Dividend Register (CCDR) on its e-Services web portal. This platform helps maintain a history of dividends paid, unpaid, or withheld by listed companies, providing shareholders with access to detailed records including Income Tax/Zakat deductions and the net amount credited.