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Karachi: A senior management member of United Bank Limited, Alee Khalid Ghaznavi, sold 19,500 shares on July 4, 2024, as disclosed under Pakistan Stock Exchange regulations concerning insider trading. The shares were sold at a rate of 262.39 each through the Central Depository Company in the ready market.
According to information available from the Pakistan Stock Exchange (PSX), the transaction follows the guidelines stipulated under Clause 5.6.1.(d) of PSX Regulations, which mandates the disclosure of transactions by directors, CEOs, executives, their spouses, and substantial shareholders. This specific sale will be reviewed in the upcoming board meeting to ensure no compliance issues arose from the transaction.
The bank has confirmed that the holding period for the shares was over six months. If it had been less than six months, the profit from the sale would be required to be deposited with the Securities and Exchange Commission of Pakistan (SECP) as per Section 105 of the Securities Act, 2015, with a notification to PSX. This procedure is part of a broader regulatory framework designed to prevent insider trading and maintain fair trading practices within the stock market.