Karachi: In a recent notification to the Pakistan Stock Exchange, First Elite Capital Modaraba disclosed a significant share transaction by Muhammad Javed Amin, a Non-Executive Director of the company. According to information available from the Pakistan Stock Exchange (PSX), the transaction involved a purchase of 2,395 shares on August 9, 2024, at a rate of 9.81 per share.

The shares, now held in the CDC form, are part of the Ready Market category. This transaction, executed on August 9, 2024, adheres to the regulatory framework stipulated under clause No. 5.6.1(d) of the PSX Regulations, which mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders.

The company has confirmed that this transaction will be reviewed in the upcoming board meeting, with particular attention to any potential non-compliance issues that may arise. Furthermore, in compliance with Section 105 of the Securities Act, 2015, First Elite Capital Modaraba has ensured that the holding period for the transaction exceeds six months. Should this period be less than six months, the company is prepared to deposit a cheque equivalent to the profits with the Securities and Exchange Commission of Pakistan (SECP), as required by law.

This proactive disclosure underscores the company's commitment to transparency and adherence to regulatory requirements, ensuring that all transactions are conducted in a lawful and ethical manner.