AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: In a significant financial move, Mr. Muhammad Faisal Ahmed, Chief Executive of Artistic Denim Mills Ltd., has acquired 3.5 million shares of the company, escalating his total shareholding to 76.53 million shares, which represents 91.107% of the company’s equity. The transaction, executed on October 11, 2024, was conducted through the electronic market (CDC) at a rate of Rs. 43 per share, with a total investment amounting to approximately Rs. 150.50 million.
According to information available from the Pakistan Stock Exchange (PSX), this strategic purchase was disclosed in a notification sent to the General Manager of the Pakistan Stock Exchange. This acquisition not only strengthens Mr. Ahmed’s control over the textile giant but also reflects a bullish stance on the company’s future prospects.
The disclosure complies with PSX regulations, particularly under clause 5.6.4., which mandates timely notification of any significant share transactions by key executives. The document highlighted that the said transaction would be discussed in the forthcoming board meeting, emphasizing any potential non-compliance issues for further review and compliance confirmation to the Exchange.
Furthermore, it was confirmed that the holding period for the shares prior to this transaction exceeded six months. In scenarios where the holding period is less than six months, profits from such transactions are required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), ensuring adherence to corporate governance norms and regulatory frameworks.