AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Executive Director of International Knitwear Limited, Naeem Shafi, has gifted 629,504 shares of the company to his spouse, Humaira Shafi. The transaction took place on May 15, 2023, and was disclosed as per the requirement of the Disclosure of Interest by a Director CEO, or Executive of a listed company and their Spouses and the Substantial Shareholders policy.
The shares were gifted at a rate of 0.00 per share and were transferred through the Central Depository Company (CDC). This transfer of shares to a spouse is not uncommon and is a common practice among company executives and their families.
The disclosure of the transaction was made to ensure transparency and compliance with regulatory requirements. International Knitwear Limited is a listed company on the Pakistan Stock Exchange and is engaged in the business of manufacturing and sale of knitwear garments.
The market reacted positively to the news, with International Knitwear Limited’s share price closing higher by 1.5% on May 16, 2023, following the disclosure of the transaction.