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Karachi: A transaction involving the purchase of shares by Muhammad Javed Amin, a Non-Executive Director of First Elite Capital Modaraba, was reported on July 23, 2024, adhering to the Pakistan Stock Exchange (PSX) regulations.
According to information available from the Pakistan Stock Exchange (PSX), the details of the transaction show that Muhammad Javed Amin bought 2,510 shares at a rate of 6.36 PKR per share. These shares were acquired in the form of CDC certificates within the ‘Ready’ market category.
The company has confirmed that this transaction will be reviewed in the upcoming board meeting. This will include a discussion on any non-compliance issues as stipulated under clause No. 5.6.1(d) of the PSX Regulations. The company also assured compliance with Section 105 of the Securities Act, 2015, stating that if the holding period of the shares is less than six months, the profit from this transaction will be surrendered to the Securities and Exchange Commission of Pakistan (SECP) by depositing a cheque.
Further, First Elite Capital Modaraba has affirmed its commitment to full disclosure by promising to inform the Pakistan Stock Exchange about the necessary compliance actions taken in relation to this transaction.