Karachi: Mrs. Lubna Muzaffar, the spouse of Mr. Muzaffar Baweja, an Executive Director, has gifted 200,000 shares at a rate of zero rupees per share. The transaction occurred on July 5, 2024, through the Central Depository Company (CDC) system.

This transaction falls under the scrutiny of clause No. 5.6.1(d) of PSX Regulations, which mandates the reporting of substantial shareholders' transactions. The company confirmed that these shares were transferred as a gift and highlighted that the transaction will be reviewed in the next board meeting. This review will include checking for any non-compliances as per the regulatory framework.

According to information available from the Pakistan Stock Exchange (PSX), the company also stated that the holding period for the transaction exceeded six months. In instances where transactions occur within six months, profits are required to be returned to the Securities and Exchange Commission of Pakistan (SECP) through a cheque, a condition that did not apply in this case due to the nature and timing of the transaction.

The disclosure ensures transparency and compliance with PSX regulations, reinforcing the commitment of corporate officers and their relatives to uphold legal and ethical standards in their financial dealings.