Karachi, In a recent filing to the Pakistan Stock Exchange (PSE), Habib Bank Limited disclosed a significant transaction involving one of its top executives. Mr. Omar Nazir Warraich, General Manager at Habib Bank, sold 12,536 shares on April 4, 2024. The shares were sold at a price of PKR 104.31 per share through the Central Depository Company (CDC) in the ready market.

The bank confirmed that this transaction adheres to the PSE Regulation 5.6.1(d), which mandates that transactions by directors, executives, their spouses, and substantial shareholders be disclosed and reviewed at the subsequent board meeting. Habib Bank assured compliance with all regulatory requirements, including the necessary disclosures and checks for any non-compliance which will be highlighted during the board’s review.

Further, Habib Bank stated that the holding period for the shares sold by Mr. Warraich exceeded six months. The bank also affirmed that if any sale had occurred within six months, the profits from such transactions would be submitted to the Securities and Exchange Commission of Pakistan (SECP) in accordance with Section 105 of the Securities Act, 2015, complete with notifications to the PSX.