Meezan Bank Executives Acquire Shares Through Employee Scheme

Karachi: Meezan Bank Limited has issued 396,657 ordinary shares to several of its executives as part of the Employee Stock Option Scheme (ESOS), according to a company disclosure on July 15, 2024. These shares, distributed without the issuance of right shares, are part of an arrangement approved by both shareholders and the Securities and Exchange Commission of Pakistan (SECP).

Executives including Mr. Ahmed Ali Siddiqui, Mr. Ebrahim Yakoob, Mr. Faiz-ur-Rehman, Mr. Irfan Siddiqui, Mr. Javed Ahmed, Mr. Khalid Zaman Khan, Mr. Muhammad Abdullah Ahmed, and others participated in this ESOS transaction. Shares were purchased at rates of 61.21 rupees and 85.77 rupees, varying by the tranche.

According to information available from the Pakistan Stock Exchange (PSX), the transactions were processed through the Central Depository Company (CDC), highlighting the bank’s adherence to regulatory frameworks and transparency.

These transactions are set to be reviewed in the subsequent board meeting of Meezan Bank, as required under clause No. 5.6.4 of PSX Regulations. The bank has confirmed this upcoming review to the Exchange, ensuring compliance with corporate governance standards.