Karachi: First Elite Capital Modaraba has reported a notable transaction by an independent director in compliance with the Pakistan Stock Exchange (PSX) regulations.

According to information available from the Pakistan Stock Exchange (PSX), Sheikh Muhammad Ali Asif, serving as an independent director, executed a sale of 25,000 shares on August 9, 2024. The shares were sold at a rate of 8.95 rupees each through the Central Depository Company (CDC) on the ready market, which allows for immediate transfer of securities.

The transaction is set to be reviewed in the forthcoming board meeting of First Elite Capital Modaraba. This review will include assessments of any non-compliances as mandated by clause No. 5.6.1.(d) of PSX Regulations, ensuring adherence to strict governance and transparency standards.

Furthermore, the company confirmed that the holding period for the shares sold by Sheikh Muhammad exceeded six months. If the holding period had been less than six months, the profits from the sale would have been subject to a cheque deposit with the Securities and Exchange Commission of Pakistan (SECP), as per Section 105 of the Securities Act, 2015, also to be intimated to PSX.