AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Arif Habib Corporation Limited, a substantial shareholder in Aisha Steel Mills Limited, sold 24.20 million shares on June 25, 2024, at a rate of Rs. 8.99 per share. This significant transaction was conducted through the Central Depository Company (CDC) on the Normal Delivery Market (NDM).
According to information available from the Pakistan Stock Exchange (PSX), this sale represents a considerable change in the corporation’s stake in the steel manufacturing company. The transaction is set to be reviewed in the upcoming board meeting to address any potential non-compliance issues as stipulated under clause No. 5.6.1.(d) of PSX Regulations.
The company has confirmed that the shares were held for over six months, ensuring compliance with the necessary holding period required by the Securities Act of 2015. If the shares had been held for less than six months, any profits from the sale would need to be deposited with the Securities and Exchange Commission of Pakistan (SECP), a measure to prevent speculative trading.