Karachi: National Foods Limited (NFL), a prominent Pakistani food company, has successfully completed the electronic disbursement of a final cash dividend for the fiscal year ended June 30, 2024. The dividend, amounting to Rs 5 per share or 100% of the share value, was credited on October 25, 2024, to shareholders who provided their International Bank Account Number (IBAN) and valid Computerized National Identity Cards (CNICs).

According to information available from the Pakistan Stock Exchange (PSX), this payment marks a significant financial update for the company's stakeholders. The distribution followed approval at National Foods' 53rd Annual General Meeting held on October 21, 2024. It was conducted through direct electronic transfers into the designated bank accounts of eligible shareholders.

Further ensuring compliance with corporate governance regulations, National Foods has adhered to the mandatory requirements under Section 242 of the Companies Act 2017. The company emphasized that only shareholders who submitted complete banking details, including a valid CNIC and a 24-digit IBAN, were eligible for this electronic dividend payment. Those lacking the necessary banking details had their dividends withheld in compliance with SECP's regulations.

The company has also updated its shareholder communication protocols, requiring all dividends to be processed electronically to streamline operations and enhance the efficiency of financial transactions. This move is expected to enhance shareholder satisfaction by providing a more reliable and swift distribution method.