AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a recent filing with the Pakistan Stock Exchange (PSE), EFU Life Assurance Limited disclosed a significant share transaction by Hasanali Abdullah, a director of the company. The transaction involved 194,500 shares and was executed on April 1, 2024. It was classified as “Other than Right,” indicating a category distinct from rights issues. The shares were acquired in the form of CDC, but the rate at which the transaction was conducted was not disclosed.
The company confirmed that this transaction would be discussed in the upcoming board meeting. It will be reviewed for any non-compliance with PSX Regulations, specifically clause No. 5.6.1(d), and any findings will be reported back to the Exchange. EFU Life Assurance Limited also assured compliance with the Securities Act of 2015, stating that if the holding period for these shares is under six months, the profit from any sale will be surrendered to the Securities and Exchange Commission of Pakistan (SECP) in the form of a cheque.
This disclosure aligns with the PSX Regulations’ requirement for transparency regarding transactions by key executives and substantial shareholders, ensuring that all market participants are informed about significant internal trades that may influence the market perception and value of the company.