Executive Director of Waves Corporation Engages in Major Share Transactions

Karachi, Waves Corporation Limited has reported significant share transactions involving Haroon Ahmed Khan, an executive director of the company. These transactions, which were both gifts given and received by Khan, involved a total of 2,500,000 shares and were conducted at no monetary value.

According to information available from the Pakistan Stock Exchange (PSX), the shares were transferred through the Central Depository Company (CDC) with the first transaction, a gift out, occurring on June 12, 2024, and the subsequent gift in on June 21, 2024. Each transaction involved the same number of shares, ensuring no net change in Khan’s total holdings.

The company has stated that these transactions will be reviewed in the forthcoming board meeting to address any potential non-compliance with PSX Regulations, specifically clause No.5.6.1(d). Additionally, Waves Corporation has confirmed that the holding period for the transactions exceeded six months. Should this not have been the case, the company would be required to deposit with the Securities and Exchange Commission of Pakistan (SECP) a cheque equivalent to any profit earned, in compliance with Section 105 of the Securities Act, 2015.

These transactions are notable not only for their size but also for the nature of their execution, which reflects the inner financial dynamics and personal dealings within Waves Corporation’s upper management. The company’s adherence to regulatory guidelines and its transparency in such dealings are crucial for maintaining shareholder trust and market integrity.