Notice to Shareholders Under Section 242

Published in The NEWS, Jang, Nawa-e-Waqt, Pakistan Observer & Business Recorder

GlaxoSmithKline Pakistan limited

Notice to Shareholders Under Section 242 of Companies ACT, 2017 Mandatory Payment of Dividend Through Electronic Mode


In accordance with Section 242 of the Companies Act, 2017, listed companies are required to pay cash dividend directly into the bank accounts of their shareholders electronically instead of paying the dividend through dividend warrants. Therefore, it has become mandatory for all our valued shareholders to provide their International Bank Account Numbers (IBAN) and other relevant details of bank account to facilitate the payment of cash dividends through electronic mode. In case of joint holders, the aforementioned bank account details of the main shareholder are required.

SECP vide their Circular No. 18 of 2017 dated August 01, 2017 has advised all listed companies to ensure that the cash dividends shall only be paid electronically to the shareholders with effect from November 01, 2017.

Therefore, all physical shareholders of the Company are requested to provide their IBAN and other details using the following Form to the Company’s Shares Registrar, Central Depository Company of Pakistan Limited, CDC House, 99-B, Block – B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi. Telephone No. 0800-23275. The CDC shareholders are requested to submit their IBAN and other related details to their Stock Brokers/Participants in CDC or to CDC Investor Account Services (IAS) and ensure that their registration details are updated by them.

In order to comply with the requirements of Section 242 of the Companies Act, 2017 and subsequent notification through SRO 1145(I)/2017 of Securities and Exchange Commission of Pakistan, the Company will stop the dividend payments of such shareholders who will not provide their complete bank details, including IBAN.

By the Order of the Board

Syed Azeem Abbas Naqvi
Company Secretary

Karachi: 02 May, 2018