Karachi: In a significant financial move on July 3, 2024, Moazam Rafiq, a General Manager at Habib Bank Limited, sold 11,714 shares at a rate of 132.01 each in a ready market transaction handled through CDC.

According to information available from the Pakistan Stock Exchange (PSX), this sale marks a notable financial activity by an executive within Habib Bank Limited. The transaction will be discussed in the upcoming board meeting with a focus on ensuring compliance with clause No.5.6.1.(d) of the PSX Regulations, which requires disclosure and oversight of such activities.

The bank has also confirmed that the shares sold had been held for more than six months. If the holding period had been less than six months, the bank would have deposited a cheque equivalent to the profits with the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 105 of the Securities Act, 2015, and duly informed PSX.

This procedure reflects the robust measures in place to maintain transparency and regulatory adherence within Pakistan’s banking sector.