Karachi, BIAFO Industries Limited has disclosed share transactions by key insiders. These transactions were executed by an executive director and two non-executive members involving a total of 6,000,000 shares, transferred as gifts with a rate of 0.00, marked as non-market transactions.
According to information available from the Pakistan Stock Exchange (PSX), M. Afzal Khan, an executive director at BIAFO Industries, gifted out 3,000,000 shares on May 30, 2024. Concurrently, Syeda Shabano Abbas and Syeda Shahnoor Abbas, both non-executive members, received gifts of 1,500,000 shares each on the same date. These transactions were conducted through the Central Depository Company (CDC) without any associated market transaction.
The company stated that these transactions would be presented and reviewed in the subsequent board meeting to address any non-compliance with PSX Regulations, specifically clause No. 5.6.1.(d). Additionally, it was confirmed that if the holding period for the transactions is less than six months, a cheque equivalent to the profit shall be deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with notification to PSX.