Adamjee Insurance Director Makes Substantial Share Purchases, PSX Notified

Karachi, In a recent notification to the Pakistan Stock Exchange (PSE), Adamjee Insurance Company Limited disclosed a series of share transactions by one of its independent directors, Khawaja Jalal ud Din. According to the disclosure, on February 29, 2024, Jalal ud Din executed multiple purchases of the company’s shares, amounting to a significant investment in the insurer’s equity.

The transactions included the purchase of 500 shares at a rate of 35.90, 2,500 shares at 35.98, 2,000 shares at 35.99, and 3,000 shares at 36.00, all through the CDC (Central Depository Company) and marked as “Ready” in the market. These buys represent a notable endorsement of the company by a key figure within its ranks, reflecting confidence in its performance and future prospects.

Adamjee Insurance confirmed that these transactions would be reviewed in the upcoming board meeting, with particular attention to any non-compliance issues as stipulated under clause N. 5.6.1.(d) of PSX Regulations. Furthermore, the company assured compliance with Section 105 of the Securities Act, 2015, regarding the holding period of the transactions. If any profit arises within a six-month period, the equivalent amount will be deposited with the Securities and Exchange Commission of Pakistan (SECP), with the PSX being duly informed.

This announcement underscores the rigorous regulatory framework within which Pakistani companies operate, emphasizing transparency and accountability in the conduct of their executives and substantial shareholders.