AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: Pakistan Hotels Developers Limited (PHDL) disclosed a significant share transaction executed by Mr. Zaheer Baweja, a non-executive director of the company. The sale, involving 46,888 shares, took place on July 9, 2024, at a rate of 706.45 PKR per share through the Central Depository Company (CDC) in the Ready Market.
The transaction was carried out in compliance with clause No. 5.6.1.(d) of the Pakistan Stock Exchange (PSX) Regulations, which mandates the reporting of any trading activities by directors, CEOs, executives, their spouses, and substantial shareholders. According to information available from the Pakistan Stock Exchange (PSX), this is part of routine disclosures that ensure transparency and adherence to corporate governance standards.
PHDL has confirmed that this transaction will be reviewed in the upcoming board meeting to assess any potential non-compliance issues. Additionally, the company noted that the holding period for these shares exceeded six months. If the holding period had been less than six months, any profit derived would be required to be surrendered to the Securities and Exchange Commission of Pakistan (SECP) via a cheque, as stipulated under Section 105 of the Securities Act, 2015, with appropriate notifications provided to the PSX.