AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Artistic Denim Mills Limited has reported a significant transaction involving shares held by a substantial shareholder, as disclosed in a recent regulatory filing with the Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), Sadia Zain, identified as a substantial shareholder, executed a sale of shares on September 10, 2024. The transaction involved the sale of 5.00 million shares at a rate of 43 PKR per share through the Central Depository Company (CDC) under the “Ready” market category.
This transaction is noted to comply with the regulations stipulated under clause 5.6.4 of PSX Regulations, which mandates the disclosure of interest by directors, CEOs, executives of listed companies, and their spouses, as well as substantial shareholders. The company has confirmed that this transaction will be presented and reviewed in the forthcoming board meeting. The focus will be on ensuring that all compliance measures have been adhered to, and any non-compliance, if found, will be duly highlighted.
Furthermore, the company has confirmed that the holding period for the shares sold exceeded six months. In scenarios where the holding period is less than six months, regulations require that a cheque equivalent to the profit be deposited with the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015, with due intimation to PSX.