Karachi: A recent filing with the Pakistan Stock Exchange has revealed that Mr. Muzaffar Baweja, an Executive Director at Pakistan Hotels Developers Limited, has transferred a significant number of shares as a gift. The transaction, involving 200,000 shares, was executed on October 21, 2020, and was facilitated through the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), the shares were given at a rate of 0.00, indicating that no funds were exchanged in the transfer. This gift has adjusted Mr. Baweja's total held shares to approximately 1.01 million, altering his stake in the company by 5.61 percent.

These transactions are disclosed as per the regulations under PSX Regulation 5.6.4, which mandates the immediate notification by Directors, CEOs, Executives, and substantial shareholders following any major changes in shareholding. Compliance with these regulations ensures transparency in the dealings of publicly traded companies, crucial for maintaining investor trust and market stability.

The company is expected to update the requisite details in the UIN Management System available in the PCUARS portal, as per regulatory requirements. This move is part of a broader practice aimed at ensuring that all stakeholders are timely informed about significant shifts in company ownership and control.