ISLAMABAD: After observing abnormally high volume in the shares of KASB Bank in last few days, the Securities and Exchange Commission of Pakistan (SECP) has suspended trading in the bank’s shares.
The SECP issued directions to all the three stock exchanges in the interest of investors. The regulator will ensure settlement of all traded shares of KASB Bank Limited as per rules. On initial enquiry, it was observed that there were rumours in the KSE about the change in management and control of the Bank from existing management to some Chinese investor, which is generating excessive volume in the market.
SECP issued direction to the Bank on April 23, 2015 to clarify the true position about the speculated change in management through the stock exchanges before opening of the market on April 24, 2015.
On direction of the SECP, the Bank clarified through notice to the stock exchanges that the Bank has not received any directive from any concerned quarters about the future course of action for the Bank or about the management changes that are being speculated and rumoured and that the Bank is presently operating under the conditions of the moratorium imposed on it by the federal government.
