Transactions in First Elite Capital Modaraba Shares by Director and Substantial Shareholder Reported

Karachi: Transactions involving the purchase of shares in First Elite Capital Modaraba by a director and a substantial shareholder were reported on July 1, 2024. According to company disclosures, Muhammad Javed Amin, a non-executive director, purchased 3,000 shares at a rate of 7.51 per share. Additionally, Nauman Rathore, identified as a substantial shareholder, acquired 20,000 shares at 7.48 per share. Both transactions were conducted in ready market conditions and are set to be reviewed in the upcoming board meeting.

The purchases were made through the Central Depository Company (CDC) and will be presented at the next board meeting for review. According to information available from the Pakistan Stock Exchange (PSX), these transactions will be scrutinized for any non-compliance with the PSX Regulations, specifically under clause No. 5.6.1.(d). This clause mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders in listed companies.

Further, the company has confirmed compliance with the holding period regulations stipulated by the Securities Act, 2015. It noted that if the holding period for these transactions is less than six months, the profit from these transactions will be surrendered to the Securities and Exchange Commission of Pakistan (SECP), with a formal notification to PSX.

This disclosure aligns with regulatory requirements aimed at ensuring transparency and accountability in the trading activities of key stakeholders within publicly traded companies.