AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a recent disclosure to the Pakistan Stock Exchange (PSE), details of transactions by a senior executive of Habib Bank Limited were reported. According to the disclosure, M. Arshad Iqbal, a General Manager (Executive) at the bank, sold a total of 1,500 shares in two separate transactions.
On February 27, 2024, Iqbal sold 1,000 shares at a rate of PKR 115.75 each. The following day, he sold an additional 500 shares at PKR 116.50 each. Both transactions were conducted in the ready market and are documented through CDC (Central Depository Company) share certificates.
The bank has confirmed that these transactions will be discussed in the upcoming board meeting. The discussion will include an examination of any non-compliance with PSX Regulations, specifically under clause N. 5.6.1.(d), which mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders.
Furthermore, Habib Bank Limited has assured that the holding period for the said transactions exceeded six months. In accordance with Section 105 of the Securities Act, 2015, if the holding period had been less than six months, the profit from these transactions would have been required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), with proper intimation to the PSX.