EFU Life Assurance Director Executes Significant Share Transaction

Karachi, In a notable transaction disclosed to the Pakistan Stock Exchange (PSE) on April 1, 2024, Rafique R. Bhimjee, a director at EFU Life Assurance Limited, executed a significant trade involving the company’s shares. This move comes amid strict regulatory oversight aiming to ensure transparency and fairness in the trading activities of listed companies’ executives.

The transaction involved 344,399 shares of EFU Life Assurance Limited, classified under the category ‘Other than Right,’ with the details revealing that the shares were traded in a form consistent with the Central Depository Company (CDC), though the rate and market details were not disclosed. This type of transaction is scrutinized under the regulations set forth by the Pakistan Stock Exchange, specifically clause No. 5.6.1(d), which mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders.

EFU Life Assurance Limited has confirmed that this transaction will be presented and reviewed in the upcoming board meeting, with a specific focus on addressing any non-compliance issues as required by the PSX regulations. Furthermore, the company has assured compliance with the Securities Act of 2015, indicating that the holding period for the transaction exceeds six months. In cases where transactions occur within a six-month period, the profit is to be remitted to the Securities and Exchange Commission of Pakistan (SECP), a measure designed to curb speculative trading by insiders.

This disclosure aligns with the regulatory framework’s objective to promote transparency and protect investors by closely monitoring the trading activities of key individuals within listed companies. The oversight by the PSX and adherence to these regulations by EFU Life Assurance Limited underscore the commitment to maintaining the integrity of the financial market.