Karachi: Mr. Muzaffar Baweja, an Executive Director of Pakistan Hotels Developers Limited, has gifted 400,000 shares of the company through the Central Depository Company (CDC) on September 12, 2024. This transaction is noteworthy as the shares were transferred at no cost to the recipient.
According to information available from the Pakistan Stock Exchange (PSX), the transaction will be scrutinized in the forthcoming board meeting to ensure it complies with clause No. 5.6.1.(d) of PSX Regulations. These regulations govern the disclosure and procedural requirements for transactions by directors, CEOs, executives, their spouses, and substantial shareholders of listed companies.
The company has confirmed compliance with all necessary regulatory frameworks, including the stipulation that if the holding period of the shares is under six months, any resulting profit from such transactions must be surrendered. If applicable, a cheque equivalent to the profit would be deposited with the Securities and Exchange Commission of Pakistan (SECP), as mandated under Section 105 of the Securities Act, 2015, with proper notification to the PSX.
This gesture of gifting shares highlights significant movements within the corporate governance landscape of Pakistan Hotels Developers, emphasizing transparency and adherence to stringent market regulations.