Biafo Industries Limited Reports Executive Share Transactions

Karachi: Biafo Industries Limited has disclosed a series of share transactions by its executives and substantial shareholders, as part of its regulatory compliance under the Pakistan Stock Exchange (PSX) regulations.

According to information available from the Pakistan Stock Exchange (PSX), M. Afzal Khan, an Executive Director at Biafo Industries, participated in two notable gift transactions, both involving 2,576,340 shares. The first transaction, recorded on January 10, 2024, was a gift during tenure (‘GIFT DUT’), and the second, on August 5, 2024, was a gift out (‘GIFT OUT’). Similarly, Syeda Shabano Abbas, a Non-Executive Director, received the same number of shares as a gift (‘GIFT IN’) on August 2, 2024, and Syeda Shahnoor Abbas, a substantial shareholder, also received an equivalent gift on August 4, 2024.

All transactions were conducted at no cost (‘0.00’ rate) and recorded in the Central Depository Company (CDC), reflecting non-monetary transfers of shares within the company’s leadership and significant stakeholders. These movements are part of the internal governance and compliance practices of Biafo Industries, ensuring all transfers align with the stipulations of PSX Regulations, specifically under clause No. 5.6.1(d).

The company has confirmed that these transactions will be reviewed in the upcoming board meeting, with a focus on addressing any potential non-compliances. Additionally, Biafo Industries has assured that if any profits are realized from shares sold within six months of acquisition, equivalent funds will be deposited with the Securities and Exchange Commission of Pakistan (SECP), adhering to Section 105 of the Securities Act, 2015.

These disclosures not only fulfill regulatory requirements but also maintain a level of transparency essential for shareholder confidence and market integrity.

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