Karachi: Silkbank has disclosed a significant transaction involving its substantial shareholder, Mr. Shaukat Tarin, according to a formal notice sent to the Pakistan Stock Exchange Limited on October 21, 2024. Mr. Tarin has executed a repo-out transaction involving 79.50 million shares of Silkbank, priced at 0.63 rupees per share. This transaction places the shares in the Non-Deliverable Market (NDM) and represents a cumulative market percentage of 0.09.

The transaction, recorded on October 8, 2024, was formally announced in a letter addressed to the General Manager of the Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), the bank has confirmed adherence to the necessary regulatory requirements under PSX Regulations clause No. 5.6.1(d). Furthermore, the letter asserts that the bank will present details of the transaction and any instances of non-compliance for review at the upcoming board meeting.

Additionally, Silkbank confirmed that since the holding period for the shares exceeds six months, a cheque equivalent to the profit from this transaction will be deposited in accordance with Section 105 of the Securities Act, 2015. This ensures full compliance with regulatory standards and transparency towards shareholders.