AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, United Bank Limited announced that members of its senior management sold shares in the bank on multiple dates this May, According to information available from the Pakistan Stock Exchange (PSX). Ir. Farooq Memon and Irfan Farooq Memon, both designated as senior management, conducted the transactions.
Ir. Farooq Memon sold 5,000 shares on May 17, 2024, at a rate of PKR 214 per share. Following this transaction, Irfan Farooq Memon sold 5,000 shares on May 21, 2024, for PKR 215 each and another 5,000 shares on May 24, 2024, at PKR 221 per share. All transactions were executed in the ready market, and shares were held in Central Depository Company (CDC) form.
The company has confirmed that these transactions will be presented at the upcoming board meeting to address any non-compliance issues as mandated under clause No. 5.6.1.(d) of PSX Regulations. Furthermore, if the holding period for the shares was less than six months, the equivalent profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP), as required by Section 105 of the Securities Act, 2015, with a notice to PSX.