AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Adamjee Insurance Company Limited has disclosed a significant transaction by a substantial shareholder, the Trustee-MCB Employees Pension Fund, which purchased 2,000,000 shares of the company on July 18, 2024, at a rate of PKR 37.50 per share.
According to information available from the Pakistan Stock Exchange (PSX), the transaction was conducted in the ready market and the shares were registered in the Central Depository Company (CDC). This movement represents a notable change in the holdings of one of the company’s major shareholders.
The company has confirmed that this transaction will be reviewed in the upcoming board meeting, as part of its compliance with clause No. 5.6.1(d) of PSX Regulations. This clause mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders. Adamjee Insurance has also assured that all non-compliance issues, if any, related to this transaction will be duly highlighted during the board meeting for consideration.
Furthermore, the company has affirmed adherence to the Securities Act, 2015, specifying that if the holding period of the transaction is less than six months, any profit derived will be surrendered to the Securities and Exchange Commission of Pakistan (SECP) via a cheque, under intimation to PSX, ensuring strict compliance with regulatory requirements.