Karachi: The First Elite Capital Modaraba (FECM) has experienced a notable surge in the price of its Modaraba Certificates, according to recent communications from the Crescent Modaraba Management Company Limited. This increase has been linked to a series of purchases by key stakeholders, as outlined in a letter addressed to the Pakistan Stock Exchange (PSX) dated May 8, 2025.

The management company disclosed that one of the primary reasons for this upward movement is the acquisition of 259,198 certificates by Mr. Nauman Rathore. This buying activity took place over a period starting from March 12, 2025, and continued until May 9, 2025. The company had previously disclosed these transactions through the Pakistan Unified Corporate Action Reporting System (PUCARS) in April and May.

In addition to Mr. Rathore's purchases, the company reported that Mr. Muhammad Javed Amin, a Non-Executive Director, acquired 18,061 certificates. Furthermore, Mrs. Ayesha Aslam, the spouse of Independent Director Sheikh Muhammad Ali Asif, purchased 40 certificates. These transactions were also communicated through PUCARS in earlier disclosures.

According to information available from the Pakistan Stock Exchange (PSX), the market has been closely monitoring these transactions given their potential impact on the valuation of First Elite Capital Modaraba's certificates. The management company has stated that it is unaware of any other specific factors contributing to the recent price increase.

The company's statements and disclosures aim to provide clarity to the market and address any inquiries regarding the unusual price movements observed.