UBL board to discuss non-financial matters on December 2 By Investing.com
KARACHI – United Bank Limited (UBL) has announced that its 252nd board meeting has been scheduled for Monday, December 2, 2024, at 4:00 pm Pakistan Standard Time to discuss matters unrelated to the company’s financial results. The bank has announced a closed period from today until the day of the meeting, during which no director, CEO, or officer is allowed to trade in UBL shares.
The closed period is in accordance with Rule 5.6.4 of the Pakistan Stock Exchange (PSX) Regulations, which aims to prevent insider trading. This mandatory silence period is standard practice before important business events to ensure that anyone who may have access to non-public information does not trade on that information.
UBL has informed the Pakistan Stock Exchange about the upcoming board meeting and the related deadline. In addition, the London Stock Exchange (LON:) and the Securities and Exchange Commission of Pakistan (SECP) have been notified, as per standard regulatory requirements.
The notice, issued by Aqeel Ahmed Nasir, Company Secretary and Chief Legal Counsel of UBL, said that any important information arising from the board meeting will be shared with the public in accordance with regulatory guidelines.
Investors and stakeholders tend to pay attention to such meetings as they can sometimes lead to decisions that may affect the company’s operations, strategies, or company management. However, without details on the specific agenda, the market impact of this meeting remains uncertain.
The notice of the meeting was broadcast via RNS, the news agency of the London Stock Exchange, and is based on a press release from UBL. As is standard practice, the bank declined to provide further details on the matters to be discussed, in line with regulatory requirements to prevent opportunities for market speculation or insider trading.
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