AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Nauman Rathore, a substantial shareholder in First Elite Capital Modaraba, bought 18,400 shares on July 5, 2024, at a price of 7.48 per share, according to a regulatory disclosure required under the Pakistan Stock Exchange rules.
According to information available from the Pakistan Stock Exchange (PSX), this purchase is reported under the compliance of Clause 5.6.1.(d) of PSX Regulations, which governs the disclosure of trading by directors, CEOs, executives, and their spouses, as well as substantial shareholders. The transaction took place through the Central Depository Company in the ready market, emphasizing transparency and adherence to market regulations.
The company has confirmed that this transaction will be reviewed in the upcoming board meeting to address any potential non-compliance issues that may arise. Furthermore, First Elite Capital Modaraba has stated that the holding period for the purchased shares was over six months. In the event that it had been less than six months, the profit derived from these transactions would be required to be deposited with the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015, which is aimed at preventing undue profit from short-term trading by insiders.