EFU Life Assurance Director Sells Shares, Ensures Compliance with PSX Regulations

Karachi: EFU Life Assurance Limited announced today, August 8, 2024, a recent transaction involving its non-executive director, Saifuddin N. Zoomkawala, who sold 50,000 shares at a rate of Rs. 163.70 per share in the Normal Delivery Market (NDM). The shares were traded through the Central Depository Company (CDC) system.

According to information available from the Pakistan Stock Exchange (PSX), the transaction executed by Zoomkawala is part of a routine disclosure required by directors, CEOs, or executives of listed companies and their spouses, as well as substantial shareholders under clause No. 5.6.1.(d) of PSX Regulations. This regulatory framework ensures that all such transactions are transparent and comply with the necessary legal and ethical standards.

The company confirmed that this transaction would be thoroughly reviewed in the upcoming board meeting. They will discuss any potential non-compliance issues and take necessary actions as mandated by the regulations. This includes ensuring that the transaction’s holding period exceeded six months. If not, the profit from the transaction will be surrendered to the Securities and Exchange Commission of Pakistan (SECP), accompanied by a cheque for the amount, as stipulated under Section 105 of the Securities Act, 2015.

This careful adherence to regulatory guidelines reflects EFU Life Assurance Limited’s commitment to uphold corporate governance and maintain trust with its shareholders and the regulatory bodies.

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