Substantial Shareholder and CEO of Modaraba Management Company Acquires 59,500 Shares

Karachi, In a significant move within the Pakistan Stock Exchange, Aftab Ahmad, the Chief Executive Officer and a substantial shareholder of Modaraba Management Company, has acquired 59,500 shares of the company. The transaction, dated March 28, 2024, was executed at a rate of 4.88 per share, with the shares being in the CDC form and traded on the ready market.

This acquisition aligns with the regulatory framework outlined under clause No.5.6.4 of PSX Regulations, which mandates the disclosure of interests by substantial shareholders and chief executive officers within the exchange. The details of this transaction have been made public as part of the company’s commitment to transparency and regulatory compliance.

The company has also announced that this transaction will be reviewed in the forthcoming board meeting. The agenda will include an examination of the transaction details and any potential non-compliance issues, ensuring that all regulatory requirements are thoroughly addressed. The outcome of this board meeting and the compliance status of the transaction will subsequently be communicated to the Pakistan Stock Exchange, in adherence to the stipulated regulations.

This development is of particular interest to market participants, indicating active engagement by key stakeholders in the company’s operations and potentially influencing the company’s future direction.