Karachi: Service Global Footwear Limited has announced its decision to withhold dividends for shareholders who have not submitted valid CNIC or International Bank Account Number (IBAN) details. This announcement comes following the company’s Annual General Meeting held on April 28, 2025, where a 40% final cash dividend was declared.

The company, in compliance with sub-regulation 1 of Regulation 6 of the Companies (Distribution of Dividends) Regulations, 2017, is taking steps to ensure proper documentation for the distribution of dividends. Shareholders who have yet to provide the necessary details are urged to submit their CNIC and IBAN information to the CDC Participant or CDC Investor Account Services. This measure is intended to facilitate the direct credit of the dividend amounts into the respective bank accounts of shareholders via electronic transfer.

According to information available from the Pakistan Stock Exchange (PSX), the notice regarding withholding dividends is set to be published in nationwide newspapers, Business Recorder and Nawa-i-Waqt, on April 29, 2025. This step aligns with regulation 5.6.9(b) of the PSX Rule Book, ensuring that shareholders remain informed about the requirements for dividend distribution.

The announcement underscores the importance of shareholders updating their records to avoid delays in receiving their dividends. The direct credit system, facilitated through accurate documentation, aims to streamline the dividend distribution process and enhance the efficiency of financial transactions in the designated market category.