Islamabad, Biafo Industries Limited has disclosed transactions by an Independent Director, Himayat Ullah, involving the sale of company shares, according to a notification sent to the Pakistan Stock Exchange (PSE). The transactions were carried out on March 25 and March 26, 2024, with a total of 10,000 shares sold.
On March 25, Himayat Ullah sold 5,000 shares of Biafo Industries Limited at a rate of PKR 101.75 per share. The following day, March 26, he sold an additional 5,000 shares at a rate of PKR 104.00 per share. Both transactions were conducted through the CDC (Central Depository Company) in the ready market.
The company has confirmed that these transactions will be discussed in the upcoming board meeting, with particular attention to any non-compliance issues as per clause No. 5.6.1.(d) of PSX Regulations. Furthermore, Biafo Industries Limited has ensured compliance with Section 105 of the Securities Act, 2015, stating that in cases where the holding period for such transactions is less than six months, the profit is to be deposited with the Securities and Exchange Commission of Pakistan (SECP) with proper intimation to the PSE.