Pak-Gulf Leasing Company Announces Cash Dividend and Bonus Shares for Shareholders

Karachi, During the 173rd meeting of the Board of Directors of Pak-Gulf Leasing Company Limited held on June 8, 2023, significant resolutions were made regarding the declaration of a cash dividend and the issuance of bonus shares.

The Board of Directors unanimously resolved to declare an interim cash dividend of Rs 3.50 per share, equivalent to a rate of 35 percent. This dividend will be paid to the shareholders for the year ending June 30, 2023, utilizing the unappropriated profits of the company.

In addition, the Board resolved to issue an interim bonus share in the proportion of 95 ordinary shares for every 100 ordinary shares held by the shareholders, representing a bonus issue of 95 percent. This issuance will be made by capitalizing Rs 236,611,100 from the unappropriated profits and Rs 4,402,000 from an already existing reserve specifically for the purpose of issuing bonus shares.

To ensure fairness, any fractional entitlement of the shareholders will be consolidated into whole shares and sold in the stock market. The net proceeds from the sale will then be distributed proportionally among the entitled shareholders, following applicable regulations.

For the purpose of ascertaining entitlement to the interim cash dividend and bonus issue, the share transfer books of Pak-Gulf Leasing Company will remain closed from Friday, June 16, 2023, to Monday, June 19, 2023, inclusive. Share transfers received at the office of the company's Registrar, PGL - THK Associates (Pvt.) Ltd, by the close of business hours on Thursday, June 15, 2023, will be considered in time for the purpose of entitlement to the dividend by the transferees.

Furthermore, the Board authorized either the Chief Executive Officer or the Company Secretary to carry out all necessary formalities related to the payment of the interim cash dividend and the issuance and allotment of the bonus shares.