Karachi: A recent transaction within Pakistan Hotels Developers Limited involving a significant gift of shares by a director's spouse was disclosed under the regulatory framework of the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), Mrs. Lubna Muzaffar, the spouse of Mr. Muzaffar Baweja, an Executive Director at Pakistan Hotels Developers Limited, gifted 200,000 shares of the company on August 26, 2024. The shares were transferred at no cost through the Central Depository Company (CDC).

This transaction is set to be reviewed in the forthcoming board meeting of the company, highlighting adherence to clause No. 5.6.1(d) of PSX Regulations. The company confirmed that the shares had been held for over six months, complying with the requisite holding period. If the holding period had been less than six months, the company would be required to deposit a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), under Section 105 of the Securities Act, 2015, and notify PSX of the same.