Habib Bank Executive Discloses Share Transactions Under PSX Regulations

Karachi: In a recent regulatory filing, Habib Bank Limited disclosed that Mr. Farhan Malik, a General Manager and Executive of the bank, has executed transactions involving the sale of bank shares. According to the details provided, two transactions were recorded on September 12, 2024, involving a total of 4,000 shares at prices slightly above Rs. 116.50.

According to information available from the Pakistan Stock Exchange (PSX), Mr. Malik’s transactions were carried out in the ‘Ready’ market and were in compliance with the PSX regulations under clause 5.6.1.(d). The transactions involved 3,804 shares sold at Rs. 116.51 and 196 shares at Rs. 116.52, all held in CDC form.

The disclosure highlights the bank’s commitment to transparency regarding the trading activities of its executives and significant shareholders. It was noted that these transactions would be reviewed in the forthcoming board meeting to address any potential non-compliance issues as stipulated by the regulations.

Additionally, the bank confirmed adherence to the holding period requirement of six months for such transactions, indicating that if the shares were sold within this period, the equivalent profit would be remitted to the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015, with proper notification to the PSX.

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