Karachi: High-level executives at B.F. Modaraba have conducted share transactions that will be reviewed in the upcoming board meeting, as per compliance with the Pakistan Stock Exchange (PSX) regulations.

According to information available from the Pakistan Stock Exchange (PSX), two directors at B.F. Modaraba engaged in transactions involving the gifting of shares. The first transaction involved Mohammad Omar Bawany, an Executive Director, who gifted 85,830 shares on July 15, 2024. The second transaction was by Ahmed Ali, a Non-Executive Director, who gifted 195,130 shares on July 15, 2024. Both transactions were carried out through CDC, with no financial exchange reported, as indicated by a rate of 0.00.

The company has confirmed that these transactions adhere to the required regulations under clause No. 5.6.1(d) of PSX Regulations. It is specified that if the holding period for these transactions is under six months, the equivalent profit must be returned to the company in the form of a cheque, as mandated by Section 105 of the Securities Act, 2015.

These transactions, reported as gifts, will be presented and scrutinized in the subsequent board meeting, ensuring any non-compliance issues are duly noted and addressed. This is part of the company’s ongoing commitment to uphold regulatory standards and transparency in its executive dealings with shares.