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Karachi, East West Insurance Company Limited has disclosed significant transactions involving shares of the company by key executives, as per the latest regulatory filing with the Pakistan Stock Exchange (PSX).
According to information available from the Pakistan Stock Exchange (PSX), on June 21, 2024, Pervaiz Yunus, Executive Director at East West Insurance, executed a gift out transaction involving 1,200,000 shares at a rate of Rs. 10.00 each. Simultaneously, Naved Yunus, an executive at the company, was the recipient of a gift in transaction for an identical number of shares and at the same rate. Both transactions were conducted through the Central Depository Company (CDC).
The company has confirmed that these transactions will be reviewed in the upcoming board meeting, with a focus on any potential non-compliance issues as per the requirements of clause No.5.6.1(d) of PSX Regulations. Furthermore, the firm has assured compliance with the holding period stipulations set forth under Section 105 of the Securities Act, 2015. If the transactions fall within a six-month period, the equivalent profit is to be deposited with the Securities and Exchange Commission of Pakistan (SECP), with a formal intimation to the PSX.
These disclosures are part of East West Insurance’s commitment to transparency in its operations, ensuring that all significant insider transactions are reported and scrutinized in accordance with legal and regulatory frameworks.