KARACHI - United Bank Limited (UBL) has announced that its 252nd board meeting is scheduled for Monday, December 2, 2024, at 4:00 p.m. Pakistan Standard Time to deliberate on matters not related to the company's financial results. The bank has declared a closed period from today until the date of the meeting, during which no director, CEO, or executive is permitted to trade UBL shares.
The closed period is in compliance with Clause 5.6.4 of the Pakistan Stock Exchange (PSX) Regulations, aimed at preventing insider trading. This mandatory quiet period is a common practice before significant corporate events to ensure that any person with potential access to material non-public information does not trade on the basis of that information.
UBL has notified the Pakistan Stock Exchange of the upcoming board meeting and the associated closed period. Additionally, the London Stock Exchange (LON:LSEG) and the Securities and Exchange Commission of Pakistan (SECP) have been informed, as per standard regulatory requirements.
The notice, issued by Aqeel Ahmed Nasir, the Company Secretary and Chief Legal Counsel of UBL, stated that any material information arising from the board meeting would be shared with the public in accordance with regulatory guidelines.
Investors and stakeholders are often attentive to such meetings as they can sometimes result in decisions that may affect the company's operations, strategy, or corporate governance. However, without details on the specific agenda, the market impact of this particular meeting remains uncertain.
The notice of the meeting was disseminated via RNS, the news service of the London Stock Exchange, and is based on a press release statement from UBL. As is standard procedure, the bank has refrained from providing any further details on the matters to be discussed, in line with regulatory requirements to prevent the potential for market speculation or insider trading.
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