AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: United Bank Limited has announced a major transaction by one of its key executives, signaling strong insider confidence in the bank’s financial health. According to a notice filed with the Pakistan Stock Exchange (PSX), Muhammad Irfan Anwar Sheikh, Non-Executive Director at UBL, purchased 50,000 shares of the bank on October 14, 2020. The shares, bought at a rate of 297.00 PKR per share, represent a minor 0.05 percent increase in cumulative ownership, amounting to a total holding of 650,000 shares.
According to information available from the Pakistan Stock Exchange (PSX), this acquisition underlines the ongoing commitment of UBL’s leadership towards bolstering the bank’s market position. The transaction adheres to the regulatory framework mandated by PSX, ensuring transparency and compliance in insider trading.
The shares were acquired in a ‘Ready’ state through the Central Depository Company (CDC), emphasizing the efficiency and security of the transaction. This move comes at a strategic time as UBL continues to report stable financial outcomes and growth initiatives.
UBL has reiterated its adherence to all regulatory requirements, including immediate disclosure to the PSX and ensuring no insider trades during closed periods. This transaction reflects the continuing confidence of UBL’s top executives in the financial prospects of the bank.