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Karachi: Biafo Industries Limited disclosed share gift transactions involving its directors on August 22, 2024.
According to information available from the Pakistan Stock Exchange (PSX), M. Afzal Khan, an Executive Director at Biafo Industries, received 1,000 shares as a gift, recorded at a rate of PKR 0.00, indicating no monetary exchange. Concurrently, Syeda Shabano Abbas, a Non-Executive Director, gifted out 1,000 shares on the same terms. Both transactions were processed through the Central Depository Company (CDC) and classified under the ‘Ready’ market category.
These transactions are part of routine disclosures required under clause No. 5.6.1(d) of PSX Regulations. Biafo Industries has confirmed that these transactions will be addressed in the upcoming board meeting, with any non-compliance issues to be highlighted as necessary.
The company has also assured that all share transactions meet the minimum holding period of six months as stipulated by the Securities Act, 2015. In instances where transactions do not meet this criterion, the company is obligated to deposit an amount equivalent to the profits into a designated account with the Securities and Exchange Commission of Pakistan (SECP), with notification to the PSX.
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