Habib Bank Limited Executive Sells Shares Amid Regulatory Compliance Disclosure

Karachi, A transaction involving the sale of shares by a senior executive of Habib Bank Limited (HBL) has been formally announced to the Pakistan Stock Exchange (PSE), adhering to the stringent disclosure requirements mandated by regulatory authorities.

The bank disclosed that Mr. Hammad H Paracha, a General Manager (Executive) at HBL, executed a sale of 1,995 shares on March 15, 2024. The shares were sold at a rate of 113.20 PKR per share through the Central Depository Company (CDC) in the ready market. This transaction aligns with the disclosure of interest requirements under clause 5.6.1.(d) of the PSX Regulations, emphasizing the commitment of HBL to transparency and regulatory compliance.

Further, HBL confirmed that this transaction would be reviewed in the upcoming board meeting to ensure compliance with all relevant PSX regulations. The bank also assured that the holding period for the sold shares exceeded six months. Should the holding period have been shorter, HBL stated that any profit from the sale would have been submitted to the Securities and Exchange Commission of Pakistan (SECP), as stipulated by Section 105 of the Securities Act, 2015.

This announcement underscores the robust regulatory framework within which listed companies in Pakistan operate, ensuring that all significant transactions by directors, executives, and substantial shareholders are disclosed promptly to protect investor interests and maintain market integrity.