Non-Executive Director of First Elite Capital Modaraba Engages in Stock Transaction

Karachi: According to a recent filing with the Pakistan Stock Exchange (PSX), Muhammad Javed Amin, a non-executive director of First Elite Capital Modaraba, has engaged in a notable stock transaction. The disclosure, dated July 25, 2024, reveals that Amin purchased 2,600 shares of the company at a rate of PKR 6.56 per share through the Central Depository Company (CDC) on the Ready Market.

The transaction will be reviewed in the upcoming board meeting to ensure compliance with PSX regulations, specifically clause No. 5.6.1(d). This clause mandates such disclosures and requires any non-compliance to be highlighted for board consideration. The company has confirmed that this transaction, and any potential profits gained within a six-month holding period, will be handled in accordance with Section 105 of the Securities Act, 2015. If the shares are sold within six months, the profits must be returned to the Securities and Exchange Commission of Pakistan (SECP) under intimation to PSX.

According to information available from the Pakistan Stock Exchange (PSX), such disclosures aim to maintain transparency and integrity in the dealings of company executives and significant shareholders, preventing any conflicts of interest and ensuring fair trading practices.

First Elite Capital Modaraba has assured that all regulatory requirements have been met, and if the transaction falls within the six-month window, the necessary adjustments will be made to comply fully with legal obligations. This includes the deposit of cheques equivalent to the profits earned, which must be submitted to the SECP, ensuring adherence to both the spirit and the letter of the law.