Elite Capital Modaraba Announces Recent Share Transaction by Independent Director

Karachi: In a recent disclosure to the Pakistan Stock Exchange (PSX), First Elite Capital Modaraba revealed a share transaction involving an independent director. According to information available from the Pakistan Stock Exchange (PSX), the transaction was executed on August 6, 2024, by Sheikh Muhammad Ali Asif, who sold 11 shares at a rate of Rs. 7.93 per share. This transaction falls under the category of the Ready Market.

The shares were sold in the form of CDC certificates, complying with PSX regulations under clause No. 5.6.1.(d). The transaction is set to be reviewed in the upcoming board meeting, where any non-compliances will be highlighted and addressed.

First Elite Capital Modaraba also confirmed that the holding period for these shares exceeded six months. In instances where transactions occur within a six-month period, the company ensures compliance by depositing any profits with the Securities and Exchange Commission of Pakistan (SECP), as mandated by Section 105 of the Securities Act, 2015.

This proactive approach by First Elite Capital Modaraba underscores its commitment to transparency and regulatory compliance, maintaining robust oversight over transactions involving its directors and substantial shareholders.

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