Executive Sells Shares of Habib Bank Limited in Compliance with PSX Regulations

Karachi, Habib Bank Limited has reported a series of share transactions by Mr. Zeeshan A Malik, a General Manager at the bank. These transactions, which occurred between June 20 and June 24, 2024, involved the sale of a total of 4,050 shares. The details of each transaction have been duly noted for presentation at the upcoming board meeting to ensure compliance with the PSX regulations.

According to information available from the Pakistan Stock Exchange (PSX), Mr. Zeeshan A Malik executed eight separate transactions over the course of five days. On June 20, 2024, he sold 990 shares at a rate of 121.20, 10 shares at 121.25, and another 1,000 shares at the same rate of 121.25. The following day, on June 21, 2024, Malik sold shares in three transactions: 501 shares at 127.10, 499 at the same rate, and 500 shares at 124.05. The sales continued on June 24, 2024, with 50 shares sold at 129.25 and 450 shares at 129.30.

All shares were sold in the form of CDC certificates and were available on the ready market. The bank confirmed that all transactions had adhered to clause No. 5.6.1(d) of PSX Regulations, which mandates the disclosure of such transactions. Additionally, the holding period for these transactions was over six months, which is in line with the requirements under Section 105 of the Securities Act, 2015. In the event that any of these sales had been made within six months, the equivalent profit would have been deposited with the Securities and Exchange Commission of Pakistan, as required by law.

These disclosures and the upcoming board meeting will also address any potential non-compliances associated with these transactions. The confirmation of these details to the Exchange is part of the standard regulatory requirements to ensure transparency and compliance within the trading environment of Pakistan’s financial markets.