Karachi: In an unexpected turn of events, First Elite Capital Modaraba (FECM) has experienced a notable surge in the price of its certificates, as confirmed by recent disclosures. The upward movement in price has drawn attention following significant acquisitions by key stakeholders, as outlined in the company’s response to an inquiry from the Pakistan Stock Exchange.

According to a letter addressed to the exchange dated March 25, 2025, First Elite Capital Modaraba clarified that there is no specific reason known for the recent price change in its certificates. However, the company pointed out that the increase seems to be linked to the substantial purchase of 733,456 certificates between February 25, 2025, and March 11, 2025, by one of its certificate holders, Mr. Nauman Rathore.

Additionally, the company disclosed that Mr. Muhammad Javed Amin, a non-executive director, also acquired 34,340 Modaraba certificates, a transaction that was previously communicated through the Pakistan Unified Corporate Action Reporting System (PUCARS).

According to information available from the Pakistan Stock Exchange (PSX), these transactions have been significant in the context of the designated market category, indicating potential implications for other stakeholders. The company’s communications on February 28, 2025, and March 5, 2025, via PUCARS, initially informed the market of these purchases.

The disclosure aims to address queries regarding the price movement, providing clarity to investors and stakeholders about the recent activities influencing the Modaraba’s certificate market.