Karachi: In a recent transaction disclosed to the Pakistan Stock Exchange, Mrs. Nadia Zaheer, the spouse of Mr. Zaheer Baweja, a Non-Executive Director of Pakistan Hotels Developers Limited, has been gifted 140,000 shares of the company. This disclosure aligns with the PSX Regulations under clause 5.6.1.(d).

The transaction, recorded on July 5, 2024, involved the transfer of 140,000 shares at no cost, facilitated through the Central Depository Company (CDC). According to the information provided by the company, this gift of shares will be addressed in the upcoming board meeting to discuss and highlight any potential non-compliance issues as mandated by the PSX regulations.

According to information available from the Pakistan Stock Exchange (PSX), the company has confirmed that the holding period for the shares exceeds six months. Should any transaction involving these shares occur within six months, a procedure is in place requiring a cheque equivalent to the profit to be deposited with the Securities and Exchange Commission of Pakistan (SECP), in compliance with Section 105 of the Securities Act, 2015, also under intimation to PSX.

This disclosure ensures transparency and adherence to regulatory standards, providing a clear view of the internal financial movements within Pakistan Hotels Developers Limited. The board's forthcoming review will further clarify any issues and affirm the company's commitment to regulatory compliance.