Karachi: Mughal Iron and Steel Industries Limited has announced the early payment of its 16th rental and 12th principal payment for Sukuk Certificates - I, originally scheduled for March 2, 2025. Due to holidays on March 1 and 2, 2025, the payments will now be made on February 28, 2025. This decision ensures that sukuk holders receive their payments without delay, maintaining the company's reputation for timely financial management.

To determine the entitlement of sukuk holders, the company's transfer books will remain closed from February 24, 2025, to March 2, 2025, inclusive. According to information available from the Pakistan Stock Exchange (PSX), this measure is necessary to facilitate the processing of the 16th rental and 12th principal payment. Sukuk holders are advised to ensure their Central Depository System (CDS) Transaction IDs are updated with the Share Registrar, M/S THK Associates (Private) Limited, by the close of business on February 21, 2025, to be eligible for the payment.

Additionally, sukuk holders are urged to update their International Bank Account Number (IBAN) details by February 21, 2025, to ensure the smooth processing of payments. Profit earned from these sukuks is subject to income tax deduction under Section 151 of the Income Tax Ordinance, 2001. Consequently, holders with valid Income Tax Exemption Certificates are required to submit them to the Share Registrar, also by February 21, 2025, to avoid unnecessary tax deductions.

Mughal Iron and Steel Industries Limited, a prominent player in the metal and steel category, continues to demonstrate its commitment to its investors through this proactive approach, ensuring the financial interests of its sukuk holders are prioritized amidst upcoming holidays.