Karachi: Mughal Iron and Steel Industries Limited has announced a revised payment schedule for the 16th rental and 12th principal payment of its Sukuk Certificates – I, initially due on March 02, 2025. The payments will now be processed on February 28, 2025, due to a holiday falling on the original payment date. This adjustment affects the schedule for determining the entitlement of sukuk holders, with the transfer books set to be closed from February 24, 2025, to March 02, 2025, inclusive.
The company has outlined that Central Depository System (CDS) Transaction IDs processed by the Share Registrar, M/S THK Associates (Private) Limited, located at 32-C, Jami Commercial Street 2, D.H.A Phase VII, Karachi, by the close of business on February 21, 2025, will be eligible for the rental and principal payment. This measure ensures that all sukuk holders’ transactions are in order and processed in a timely manner.
According to information available from the Pakistan Stock Exchange (PSX), Mughal Iron and Steel Industries Limited has also requested sukuk holders to update their International Bank Account Number (IBAN) details by February 21, 2025, to streamline the payment process. The profit on investment in these sukuks is subject to income tax deductions under Section 151 of the Income Tax Ordinance, 2001. Therefore, holders are encouraged to provide valid Income Tax Exemption Certificates to the Share Registrar by the same deadline to ensure compliance and avoid potential deductions.
This announcement underscores Mughal Iron and Steel Industries Limited’s efforts to accommodate its sukuk holders amid scheduling conflicts and regulatory requirements, ensuring that all stakeholders remain informed and prepared for the upcoming financial transactions within the designated market category.