Islamabad: Biafo Industries Limited has disclosed a significant share acquisition by a non-executive director, according to newly released regulatory documents. On July 12, 2024, Muhammad Waheed, a non-executive director of the company, acquired 1,093,750 shares through inheritance.

The transaction has increased Waheed's cumulative holdings to 1,094,960 shares, representing a 2.36 percent stake in the company. The shares were acquired without an associated market rate, as they were transferred through inheritance.

According to information available from the Pakistan Stock Exchange (PSX), such disclosures are mandated under PSX Regulation 5.6.4, which requires directors, executives, and substantial shareholders to report their transactions in company shares.

The disclosure highlights the importance of transparency in corporate governance and the regulation of shareholdings by individuals in significant positions within listed companies.