Karachi: In a series of transactions outlined by Pakistan Hotels Developers Limited, significant share transfers involving company executives and their spouses have been reported. According to details disclosed to the Pakistan Stock Exchange, these transactions were carried out in July 2024 and included gifts of shares between company directors and their family members.

The transactions involved several high-profile company figures. On July 3, 2024, Mr. Zubairuddin Baweja, an Executive Director at Pakistan Hotels Developers Limited, gifted 1.8 million shares. Similarly, his spouse, Mrs. Muniza Zubair Baweja, received 900,000 shares on the same day, which she then partially gifted out on July 9, distributing 450,000 shares. Both transactions were processed through the Central Depository Company (CDC) and involved no exchange of funds.

Other notable transactions included those by Mrs. Shahina Khalid, a Non-Executive Director, who engaged in multiple share gifting actions in early July. She gifted out a total of 504,696 shares across three separate transactions. Each transfer was also recorded at a zero rate and executed through the CDC. Her spouse, Shield Muhammad Khalid, was the recipient of 168,232 of these shares on July 1.

Additionally, Mrs. Shazia Jamal, another Non-Executive Director, gifted 400,000 shares on July 9, with half of these shares going to her spouse, Mr. Jamal Ahmed. Mr. Zaheer Baweja, a Non-Executive Director, was also involved in gifting out 820,000 shares on July 5.

According to information available from the Pakistan Stock Exchange (PSX), all of these transactions are set to be reviewed in the upcoming board meeting. The board will assess the transactions for any non-compliance with PSX Regulations, specifically clause No. 5.6.1(d), which mandates such disclosures and reviews of executive share dealings. The company has confirmed that it will report any findings of non-compliance to the PSX as required.

These disclosures provide transparency in the dealings of executives and their immediate family members, ensuring that all shareholder interests are considered and maintained in the governance of the company.