Karachi: B.F. Modaraba ("BFMOD") has issued a formal response following an unusual movement in the price of its certificates, as observed by the Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), this price fluctuation was noticed during the preceding period, prompting scrutiny under the Securities Act of 2015 and PSX regulations.

In compliance with Section 97 of the Securities Act, 2015, and PSX Regulation clause 5.6.3, BFMOD was required to either disclose any relevant development known to them that might be influencing the price movements or to declare the absence of any known factors. As of now, BFMOD has not specified any particular developments or matters that could be contributing to the observed volatility. The firm reiterated that it is not aware of any material or price-sensitive information that would justify the recent price fluctuations of its traded securities.

Further, under PSX Regulation 5.6.1, BFMOD is obligated to promptly disseminate any information that could potentially affect the price or volume of its shares through the PSX, ensuring its availability to the public. The company has been advised to furnish sufficient information to clarify its position and explain the significant movement observed in its security's price.

This action is crucial in maintaining transparency and investor confidence, aligning with the regulatory requirements to safeguard the interests of shareholders and the integrity of the financial market.