Karachi: Silkbank has reported a notable transaction executed by a substantial shareholder, Mr. Shaukat Tarin, involving 65 million shares, which took place on July 04, 2024.

The transaction, categorized as a 'Repo-Out,' was executed at a rate of 0.67 Pakistani Rupees per share, and the shares were transferred in the form of Central Depository Company (CDC) certificates at the National Demutualized Market (NDM). According to information available from the Pakistan Stock Exchange (PSX), this significant activity is part of the regulatory disclosures required under clause 5.6.4 of PSX Regulations.

The bank confirmed that this transaction, along with any potential non-compliance issues, will be reviewed in the upcoming board meeting. It is also noted that the holding period for this transaction exceeded six months. If it had been less than six months, the profits from this transaction would be subject to a deposit with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with a notification to PSX.

This disclosure aligns with Silkbank’s commitment to transparency and compliance with market regulations, ensuring all significant shareholder activities are reported and reviewed appropriately.