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Karachi: EFU Life Assurance Limited has reported a recent stock transaction involving one of its directors, according to a disclosure required under PSX Regulations clause 5.6.1.(d). The transaction involved Saifuddin N. Zoomkawala, a Non-Executive Director of the company, who sold 10,000 shares on July 22, 2024, at a rate of PKR 169.69 per share.
The shares were sold through the Central Depository Company (CDC), a move confirmed by EFU Life Assurance in compliance with the PSX regulations. This transaction will be reviewed in the upcoming board meeting to address any potential non-compliance issues that may arise. According to information available from the Pakistan Stock Exchange (PSX), the review will ensure all transactions are aligned with regulatory standards.
The company has also assured that the holding period for the shares exceeded six months. However, if this period had been less than six months, the profits from the transaction would be subjected to a check equivalent to the profit, which would be deposited with the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015. This would be done under intimation to the PSX to ensure full compliance with the financial regulations governing securities transactions.