Pakistan Hotels Developers Limited Announces Share Sale by Non-Executive Director

Business & Finance

Karachi: Pakistan Hotels Developers Limited has reported a significant share transaction involving its Non-Executive Director, Mr. Zaheer Baweja. According to a filing with the Pakistan Stock Exchange, Mr. Baweja sold 100,000 shares of the company on July 8, 2024, for a price of PKR 664.60 each.

The shares were sold in the ready market, and the transaction was conducted through the Central Depository Company (CDC). This sale has been confirmed to be presented at the forthcoming board meeting. The details will be reviewed for any non-compliance issues as per the PSX Regulations, particularly clause No. 5.6.1(d).

According to information available from the Pakistan Stock Exchange (PSX), the company also confirmed that the holding period for the shares sold by Mr. Baweja exceeded six months. If the holding period were less than six months, the profit from such sales would be subject to a deposit with the Securities and Exchange Commission of Pakistan (SECP), in line with Section 105 of the Securities Act, 2015.

This regulatory compliance ensures transparency and adherence to corporate governance standards, safeguarding the interests of shareholders and stakeholders of Pakistan Hotels Developers Limited.