Karachi: First Elite Capital Modaraba has announced significant changes to its board of directors effective from October 07, 2024. According to a disclosure made to the Pakistan Stock Exchange, Rukhsana Javed Amin has stepped down as Director of Crescent Modaraba Management Company Limited, the management entity of First Elite Capital Modaraba. In her place, Ghulam Rasool has been appointed as an Independent Director, pending approval from the Registrar Modaraba Companies and Modarabas.

The company, located in Garden Block New Garden Town Lahore, notified the Pakistan Stock Exchange of this transition in a letter dated October 8, 2024. The changes come as per the requirements outlined in Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, emphasizing compliance with governance standards.

This move is part of the ongoing adjustments within the management structures of companies overseen by the PSX to ensure that leadership roles are filled with highly qualified individuals who can guide the firms towards sustainable growth.

According to information available from the Pakistan Stock Exchange (PSX), the adjustments in leadership are critical to maintaining the confidence of investors and stakeholders in the management's ability to steer the company in achieving its strategic goals.