Habib Bank Executive Sells Over 7,000 Shares Amid Regulatory Compliance Disclosures

Karachi, A notable transaction involving the shares of Habib Bank Limited was reported. M. Faisal Mujeeb, a General Manager and executive at Habib Bank, executed two separate sales of the bank’s shares on June 21, 2024. The transactions involved a total of 7,850 shares with individual sales of 2,150 and 5,700 shares priced at PKR 124.02 and PKR 124.00 respectively. All shares were sold in the ‘Ready’ market and were registered through the Central Depository Company (CDC).

These transactions are set to be reviewed in the upcoming board meeting of Habib Bank. The review will include an examination of any non-compliances with PSX Regulation clause No. 5.6.1.(d), which mandates specific disclosures concerning transactions by directors, executives, and substantial shareholders. The board will confirm the adherence to these regulations in the meeting and report the findings back to the exchange.

According to information available from the Pakistan Stock Exchange (PSX), Furthermore, it has been confirmed that the holding period for the shares sold was over six months. In cases where the holding period is less than six months, the profits from such sales are required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015.