Habib Bank Executive Sells Shares, Ensures Compliance with Regulations

Karachi: Habib Bank Limited announced that its General Manager, Ms. Shafaq Rabid, executed multiple share transactions on July 11, 2024, involving a total of 94 shares sold at a rate of PKR 136.50 each. These transactions took place in the “Ready” market and were conducted through the Central Depository Company (CDC).

Ms. Rabid, a substantial executive within the bank, engaged in four separate share-selling transactions on the specified date. According to the detailed disclosure, the first transaction involved 48 shares, the second 7 shares, the third 28 shares, and the fourth 11 shares, all executed at the same price per share.

According to information available from the Pakistan Stock Exchange (PSX), these sales are significant as they involve a high-ranking executive within the bank. The transactions will be reviewed in the upcoming board meeting to address and highlight any non-compliance with the PSX Regulations, specifically clause No. 5.6.1(d).

Habib Bank has confirmed that all transactions adhered to the regulatory requirements, noting that the holding period for the shares exceeded six months. In instances where transactions occur within six months, the bank ensures that profits are managed according to the mandates of the Securities Act of 2015, which involves depositing checks equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), followed by an official intimation to PSX.

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