Islamabad, Sep 30: Mari Petroleum Company Limited (PSX: MARI) has announced the sale of bonus shares from non-compliant shareholders who fail to pay the required income tax.
The company informed the Pakistan Stock Exchange on Monday that an 800% bonus issue, approved on September 24, 2024, was dispatched to both physical and CDC shareholders on September 27, 2024.
The bonus shares will be withheld until the company collects the applicable tax from these shareholders, which will be determined based on the closing price on the first day of the book closure.
If a shareholder does not pay the indicated income tax, Mari Petroleum will sell the bonus shares to recover the tax amount paid on their behalf, in accordance with Section 236Z of the Ordinance.
In a related update, MARI’s stock was trading at Rs. 389.9, reflecting a decrease of 4.63 percent or Rs. 18.93, with a trading volume of 445,533 shares on Monday.
Necessary instructions regarding this process are being communicated to shareholders simultaneously.
The listed company’s latest venture arrives as Pakistan’s IT sector shows strong growth potential, despite the broader economic challenges.
The country’s information technology and IT-enabled services (ITeS) export remittances hit a record high of $3.223 billion in the fiscal year 2023-24, marking a 24% increase from the $2.596 billion reported in 2022-23.
This surge highlights the IT sector’s crucial role in driving economic growth and enhancing export revenues in Pakistan, positioning it as a key area for future development and investment
