Altern Energy Director Acquires Shares Amid Regulatory Compliance

Karachi: A recent filing has revealed transactions by Mr. Shah Muhammad Ch., a non-executive director of Altern Energy Limited. The transactions, all purchases, occurred on three different dates, cumulating in a significant increase in Mr. Muhammad’s holdings within the company.

According to information available from the Pakistan Stock Exchange (PSX), the first transaction was recorded on August 20, 2024, where Mr. Muhammad acquired 15,941 shares at a rate of 21.12 PKR per share. This was followed by the purchase of 4,108 shares at 21.40 PKR on August 21, and the most substantial transaction occurred on August 22, with 58,000 shares bought at 22.12 PKR. All transactions were carried out in the ready market, and shares were held in CDC form.

The company has confirmed that these transactions will be reviewed at the subsequent board meeting, as stipulated under clause No. 5.6.1(d) of PSX Regulations. Altern Energy also noted the regulatory requirement that if the holding period for these shares is less than six months, any profit derived must be surrendered. Specifically, a cheque equivalent to the profit would be deposited with the Securities and Exchange Commission of Pakistan (SECP), under intimation to the PSX, in compliance with Section 105 of the Securities Act, 2015.

The proactive disclosure by Altern Energy aligns with regulatory expectations and underscores the transparency expected in transactions involving key executives and significant shareholders within listed companies.

The post Altern Energy Director Acquires Shares Amid Regulatory Compliance appeared first on .