MARI completes disposal of withheld bonus shares

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, announced the completion of the disposal process for withheld bonus shares belonging to shareholders, who failed to pay their applicable tax liabilities.

In a notice to the Pakistan Stock Exchange (PSX), the E&P informed its stakeholders that the proceeds from the disposal have been deposited into the government exchequer to settle the outstanding tax amounts.

“We would like to inform you that the disposal process for the withheld bonus shares (10% for filers and 20% for non-filers) of shareholders who did not pay their applicable tax amounts has been completed.

“The disposal proceeds have been deposited into the government exchequer against the tax liability of these shareholders,” stated the notice.

MARI informed that the release of the remaining shares, which are currently under lien, is subject to ongoing proceedings in the Islamabad High Court (IHC).

“The company is actively pursuing the necessary legal directions to resolve the matter,” it said.

“We assure you that both the Central Depository Company and the concerned shareholders will be promptly informed of the Honourable IHC’s decision through PSX,” the company added.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.

Back in August, MARI’s Board of Directors (BoD) announced the issue of bonus shares for the year June 30, 2024, of 800% i.e. eight shares for every one share held, from the Capital Redemption Reserve Fund and the balance from Revenue Reserves.

“The issuance of bonus shares is a reflection of the increasingly strong balance sheet of the company to grow and diversify further,” the company said back then.