First Elite Capital Modaraba Shareholder Acquires Significant Stake

Karachi: Nauman Rathore, a substantial shareholder in First Elite Capital Modaraba, executed a major transaction on January 3, 2024, purchasing 114,193 shares at a rate of 8.50 Rupees per share. The shares were acquired in the ready market through the CDC (Central Depository Company).

According to information available from the Pakistan Stock Exchange (PSX), this transaction will be reviewed in the next board meeting of First Elite Capital Modaraba. The focus will be to ensure compliance with PSX Regulation clause No. 5.6.1(d), which mandates disclosure and scrutiny of such transactions to assess any potential non-compliance issues.

The company has confirmed that the holding period for these shares is more than six months. If it had been less than six months, the profits from this transaction would be subjected to a mandated deposit with the Securities and Exchange Commission of Pakistan (SECP), as outlined in Section 105 of the Securities Act, 2015.

This significant acquisition by Rathore underscores the confidence held by substantial stakeholders in the stability and growth potential of First Elite Capital Modaraba.

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