MCB Bank Limited Reports Loss of Multiple Share Certificates

Karachi: MCB Bank Limited has notified the Pakistan Stock Exchange (PSX) of the loss of several share certificates, which were reported missing by shareholder Basit on October 14, 2024. The lost certificates represent a substantial number of shares, totaling 327 across various folio numbers.

The certificates, which are held under Basit’s name with an address at Block N North Nazimabad, Karachi, include shares from different series, notably certificate numbers 459172, 459174, 459176, among others. These certificates span distinctive numbers ranging from 1095317333 to 1095317667, marking a significant loss that affects the shareholder’s holdings.

According to information available from the Pakistan Stock Exchange (PSX), the bank has initiated a standard 07-day objection period during which other members of the stock exchange are advised against dealing in these shares. This precautionary measure is aimed at preventing unauthorized trading and ensuring that no claims against these certificates surface during this period.

If no objections are received within this timeframe, the bank is prepared to issue duplicate certificates to cover the lost shares, a procedure that is aligned with regulatory practices designed to maintain the integrity of market transactions and protect the interests of shareholders.

The incident highlights the ongoing challenges in managing physical share certificates and underscores the importance of stringent security measures to prevent such losses and ensure the reliability of shareholder records.

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