Karachi: KSB Pumps Company Limited has announced that it will hold its Annual General Meeting (AGM) on April 23, 2025, with a provision for shareholders to attend via video link. This initiative aligns with the Securities and Exchange Commission of Pakistan’s (SECP) circular to enhance shareholder participation amid ongoing adjustments in tax and dividend protocols.
According to the company’s notice, the share transfer books will remain closed from April 16 to April 23, 2025. Transfers received by the close of business on April 15, 2025, will be eligible for dividend payments. Shareholders are instructed to ensure that their relevant identification documents, such as the Computerized National Identity Card (CNIC) or passport, are presented at the meeting. Corporate entities must present a Board of Directors’ resolution or power of attorney for verification.
The AGM offers a dual approach, allowing physical attendance and virtual participation via video link. Interested shareholders and proxies must register by April 21, 2025, by submitting requisite details, including CNIC or passport copies, to the company via email.
The Pakistan government, through the Finance Act 2019, implemented amendments to the Income Tax Ordinance 2001, affecting withholding tax rates on dividends. Filers will incur a 15% withholding tax, whereas non-filers will face a 30% deduction. Shareholders are urged to ensure their inclusion in the Active Taxpayers List (ATL) before dividend payment to benefit from the reduced rate.
According to information available from the Pakistan Stock Exchange (PSX), shareholders with joint accounts must disclose shareholding proportions to determine the correct withholding tax rate. Corporate shareholders must update their National Tax Number (NTN) with their respective account participants, while physical shareholders should send their NTN Certificate to the company’s share registrar.
Unclaimed dividends and shares outstanding for over three years will be transferred to the Federal Government or delivered to the SECF, as per Section 244 of the Companies Act 2017. Shareholders with unclaimed assets are advised to contact the share registrar to resolve outstanding issues.
In compliance with Section 242 of the Companies Act 2017, all listed companies must pay dividends through electronic transfer directly to shareholders’ bank accounts. Shareholders are required to provide their banking details to facilitate this process. Failure to do so will result in withholding of dividend payments until the necessary information is provided. For further inquiries, shareholders are encouraged to contact the company or the share registrar.