Karachi: A notable transaction involving the transfer of shares in Jubilee Spinning and Weaving Mills Limited (JUBS) took place on October 4, 2024, according to a formal disclosure of interest. Shaukat Shafi, son of Haji Muhammad Shafi, gifted 2.40 million shares to Mr. Usman Shafi. The transaction was conducted through a gift deed, with shares transferred via the Central Depository Company (CDC).

The transfer involves a substantial volume of shares, specifically 2,400,000 shares, emphasizing a significant ownership shift within the company's structure. According to information available from the Pakistan Stock Exchange (PSX), the shares were transferred without any exchange of monetary value, marked as N.A. (not applicable) in the price column.

This transfer through familial ties highlights notable changes in shareholder composition that could influence the strategic direction of the company. The gift deed format used for the transaction suggests a familial succession plan or a strategic redistribution of equity within the family, common in family-owned businesses.