Where’s my dividend?

It has been over seven months since the financial period of Shell Pakistan Limited and Pakistan State Oils Limited has ended. But, the companies have not paid dividend to their shareholders. Like these two companies, many other listed companies take long to pay dividends. To add more to the misery, the Security and Exchange Commission of Pakistan has caused further delay in dividend payment by making it mandatory for shareholders to update their IBAN (International Bank Account Number) with the Central Depository Company (CDC) where shareholders have deposited their shares. This is a time-consuming process for individual shareholders – especially Overseas Pakistanis.

The SECP should have asked the CDC to get shareholders’ IBANs from their banks with reference to shareholders old bank accounts where dividends were being paid in the past. Even after updating my IBAN with the CDC over a month ago, I have not received dividend declared by Pakistan State Oils Limited and Shell Pakistan Limited for the period ended on December 31, 2017. The authorities concerned should look into this matter and help shareholders get their dividend on time. Timely payment of dividend is needed in Pakistan to help boost investors’ confidence in Pakistan’s stock market.

Mrs Yasmin Ejaz

Lahore