Karachi: In a recent notification to the Pakistan Stock Exchange (PSX), a substantial transaction involving the sale of shares by an executive of Habib Bank Limited was disclosed. This transaction is set to be reviewed in the upcoming board meeting for compliance with PSX regulations.

According to information available from the Pakistan Stock Exchange (PSX), the executive, identified as Mr. Farhan Talib, sold a total of 25,000 shares in two separate transactions. On June 27, 2024, Mr. Talib sold 10,000 shares at a rate of 124.50 per share and on June 28, 2024, he sold an additional 15,000 shares at a rate of 123.50 per share. Both transactions were conducted in the ready market through the Central Depository Company (CDC).

The disclosure stated that these transactions would be presented for scrutiny at the next board meeting of Habib Bank Limited. The board will examine any potential non-compliance with clause No. 5.6.1.(d) of PSX Regulations. Additionally, if the shares were held for less than six months, profits from the sale are required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), as mandated by Section 105 of the Securities Act, 2015.

This action ensures transparency and adherence to regulatory requirements aimed at maintaining fair trading practices within the stock exchange.