Mari Petroleum to Cash in on Bonus Shares of Non-Compliant Shareholders

Mari Petroleum Company Limited (PSX: MARI) has decided to sell bonus shares of non-compliant shareholders who don’t pay the income tax amount to the company, MARI informed the main bourse on Monday. The 800 percent bonus issue which was approved on September 24, 2024, has been dispatched/credited to both physical and CDC shareholders of the Company on September 27, 2024, the stock filing stated. The withheld bonus shares will only be issued to shareholders upon MARI’s collection of tax from the shareholders, as applicable. This amount will be determined based on the closing price on the first day of the book closure. If the shareholder does not pay the income tax indicated above, the Company will proceed to dispose of the bonus shares to recover the income tax amount that the Company paid on the shareholder’s behalf, in accordance with Section 236Z of the Ordinance. Necessary instructions regarding this process are being sent to shareholders simultaneously, the filing added. At the time of filing, MARI’s scrip at the bourse was Rs. 389.9, down 4.63 percent or Rs. 18.93 with 445,533 shares on Monday.