Mari Petroleum Company Limited (MARI), one of Pakistan’s leading exploration and production (E&P) companies, has concluded the process of disposing of withheld bonus shares belonging to shareholders who failed to fulfil their tax obligations.
In a notification to the Pakistan Stock Exchange (PSX), MARI stated that the proceeds from the sale of these shares had been deposited into the government exchequer to settle the outstanding tax amounts. The withheld shares included 10% for tax filers and 20% for non-filers, as required under tax regulations.
The company noted that the release of the remaining shares, currently under lien, is contingent on ongoing proceedings at the Islamabad High Court (IHC). “The company is actively pursuing the necessary legal directions to resolve the matter,” MARI assured stakeholders, adding that shareholders and the Central Depository Company (CDC) will be promptly updated on the court’s decision.
MARI plays a critical role in Pakistan’s energy sector as the operator of the country’s largest gas reservoir, the Mari Gas Field in Daharki, Sindh. It is the second-largest producer of natural gas in the country.
The issue stems from MARI’s announcement in August 2024 of an extraordinary bonus share issuance of 800%—equivalent to eight shares for every one share held. The bonus shares, drawn from the Capital Redemption Reserve Fund and Revenue Reserves, highlighted the company’s robust financial position. However, tax liabilities associated with the bonus shares led to the withholding of shares for non-compliant shareholders.
By completing the disposal process and depositing the proceeds, MARI aims to fulfil its regulatory obligations while awaiting the IHC’s guidance for the release of remaining shares.
