AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: First Elite Capital Modaraba has reported a significant share acquisition by one of its executive directors, in a transaction that underscores notable insider activity within the company.
On July 26, 2024, Qasim Khan, serving as an Executive Director for First Elite Capital Modaraba, executed a purchase of 1,825,000 shares at a price of PKR 10.00 per share. These shares were acquired in the form of CDC certificates on the Non-Deliverable Market (NDM).
According to information available from the Pakistan Stock Exchange (PSX), this transaction will be reviewed in the company’s next board meeting. This review will include an examination of any non-compliance issues as per the requirements of clause No. 5.6.1(d) of PSX Regulations.
The company has also confirmed compliance with regulatory requirements concerning the holding period for these transactions. It stated that the holding period for the shares exceeds six months, which aligns with the guidelines set out under Section 105 of the Securities Act, 2015. Had the holding period been under six months, the company would have been required to deposit any profit derived from the shares with the Securities and Exchange Commission of Pakistan (SECP), notifying the PSX accordingly.
This transaction indicates a significant investment by a key insider within the firm, which may reflect confidence in the company’s future prospects, although it remains subject to detailed review and regulatory scrutiny to ensure compliance with all relevant securities regulations.