Karachi: Silkbank Limited has announced a significant share transaction executed by one of its substantial shareholders, Mr. Shaukat Tarin. The disclosure, dated February 19, 2025, was made under the Pakistan Stock Exchange (PSX) regulations, specifically section 5.6.1.(d), which mandates the disclosure of interest by directors, CEOs, executives, and substantial shareholders, along with their spouses.
According to the disclosure, Mr. Shaukat Tarin, a substantial shareholder of Silkbank Limited, executed a purchase transaction involving 65.00 million shares of the bank. The transaction was conducted on February 4, 2025, at a rate of 0.68 Pakistani Rupees per share. The shares were acquired in book-entry form, commonly referred to as Central Depository Company (CDC) form, and the transaction took place in the Negotiated Deal Market (NDM) segment.
According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed in an upcoming board meeting, where any potential non-compliance issues will be addressed. This is in accordance with the stipulations of clause 5.6.1(d) of the PSX regulations. Additionally, it is confirmed that the holding period for this transaction exceeds six months. In the event the holding period is less than six months, any profit generated would necessitate a cheque equivalent to the profit being deposited with the Securities and Exchange Commission of Pakistan (SECP), as set forth in Section 105 of the Securities Act, 2015, with appropriate notification to the PSX.
This transaction by Mr. Tarin has attracted attention due to its size and the regulatory framework governing such substantial shareholder transactions. The market designation for this transaction falls under the Negotiated Deal Market category, a specialized segment of the PSX where such deals are typically executed. The implications of this transaction will be closely monitored by market participants and regulators alike, ensuring compliance with the established financial and regulatory standards.