Karachi: United Bank Limited has disclosed recent stock transactions involving its directors, executives, and substantial shareholders, in compliance with PSX Regulations clause 5.6.1.0. According to information available from the Pakistan Stock Exchange (PSX), these transactions have been meticulously recorded and are set to be reviewed in the upcoming board meeting.

On August 6, 2024, Muhammad Irfan Anwar Sheikh, a Non-Executive Director at United Bank Limited, purchased 30,000 shares at a rate of PKR 253.70 per share. Additionally, Tahira Sheikh, spouse of Muhammad Irfan Anwar Sheikh, acquired 2,000 shares on the same date, each priced at PKR 253.20. These transactions were conducted through the Central Depository Company (CDC) in the Ready Market category.

A day later, on August 7, Muhammad Irfan Anwar Sheikh made another purchase, buying 5,000 shares at PKR 251.00 each. Furthermore, Bestway Cement Limited, identified as a substantial shareholder, executed a significant buy on August 6, acquiring 339,641 shares at PKR 253.13 each.

The announcement also noted that all transactions have been performed with a holding period exceeding six months. In instances where the holding period falls below this duration, the profit equivalent will be remitted to the Securities and Exchange Commission of Pakistan (SECP) and duly reported to PSX, as mandated under Section 105 of the Securities Act, 2015.

United Bank Limited has assured that any non-compliances linked to these transactions will be highlighted during the subsequent board meeting for thorough review and necessary actions.