Islamabad: An executive director at Pakistan Hotels Developers Limited, Mr. Muzaffar Baweja, transferred 1,150,000 shares of the company on July 8, 2024, according to a recent disclosure to the Pakistan Stock Exchange. The transaction was categorized as a "gift out" and involved shares listed in the Central Depository Company (CDC), carried out at a rate of zero.

According to information available from the Pakistan Stock Exchange (PSX), the notification outlined that these transactions would be reviewed in the upcoming board meeting. Any non-compliance identified will be highlighted for board consideration, in adherence to clause No. 5.6.1(d) of PSX Regulations.

The disclosure also confirmed that the holding period for these shares exceeded six months. If it had been less than six months, a cheque for the profit amount would need to be deposited with the Securities and Exchange Commission of Pakistan (SECP), as mandated by Section 105 of the Securities Act, 2015, with a subsequent notification to PSX.

This transparency in transactions by high-ranking officials is a standard compliance measure under the stringent regulations governing listed companies to ensure fair trading practices and uphold shareholder trust.