Karachi: Pakistan Hotels Developers Limited has disclosed a significant transaction involving the gifting of shares by an executive director, according to a recent notification to the Pakistan Stock Exchange (PSX).

The company reported that Mr. Muzaffar Bawfja, an executive director, gifted 393,000 shares on July 5, 2024. The shares were transferred through the Central Depository Company (CDC), and no monetary transaction was recorded in this gift. This kind of transaction is subject to the oversight and regulations outlined under clause 5.6.1(d) of the PSX Regulations.

According to information available from the Pakistan Stock Exchange (PSX), this transaction will be reviewed in the subsequent board meeting of Pakistan Hotels Developers Limited. The board will assess any non-compliance issues and confirm their findings to the Exchange as mandated by the regulations. The company has confirmed that the holding period for these transactions exceeded six months. In cases where such transactions occur within a six-month period, the company is required to deposit a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), under intimation to PSX, as per Section 105 of the Securities Act, 2015.

Pakistan Hotels Developers Limited maintains strict adherence to the PSX Regulations to ensure transparency and compliance in all its corporate transactions.