Karachi: Habib Bank Limited has disclosed a recent transaction involving the sale of shares by one of its executives, Syed Arsalan Qutb, General Manager (Executive), which occurred on August 6, 2024. According to information available from the Pakistan Stock Exchange (PSX), Qutb sold 1,500 shares at a rate of Rs. 135.70 each.

This transaction is noted under the compliance framework of PSX Regulation clause 5.6.1.(d), which mandates the disclosure of any trading activity by directors, CEOs, executives, their spouses, and substantial shareholders. The shares were sold through the Central Depository Company (CDC) in the Ready Market, adhering to the regulatory requirements.

Habib Bank Limited has confirmed that the transaction will be reviewed in the upcoming board meeting, with a focus on any potential non-compliance issues that need to be addressed. Additionally, the bank has assured that the holding period for the transaction exceeded six months. If it had been less than six months, the profit from the transaction would be required to be surrendered to the Securities and Exchange Commission of Pakistan (SECP), according to Section 105 of the Securities Act, 2015, a regulation designed to prevent insider trading and promote fair market practices.