Karachi: First Dawood Properties Ltd has reported the resignation of Mr. Asad Ali Sheikh from his position as Non-Executive Director, effective immediately. The announcement was made in compliance with Section 96 of the Securities Act, 2015, and clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Regulations.

The departure of Mr. Sheikh creates a casual vacancy on the board, which the company has stated will be addressed by the Board of Directors in the near future. According to information available from the Pakistan Stock Exchange (PSX), this change in the board’s composition is a significant event that could influence the company's governance and strategic direction.

The notification to the PSX is part of the regulatory requirements that ensure all market participants are informed about significant changes in the corporate structure of listed companies. This transparency is crucial for maintaining investor confidence and market stability.

Stakeholders, including TRE Certificate Holders, have been informed of this development as per regulatory guidelines, and further announcements regarding the appointment of a new director are expected as the board addresses this vacancy.