Artistic Denim Mills Executive Gifts Shares, Compliance With PSX Regulations Confirmed

Karachi: Artistic Denim Mills Limited has disclosed a significant transaction by its Chief Executive Officer, Muhammad Yousuf Ahmed, who gifted 3,500,000 shares on September 20, 2024. This transaction, conducted through the Central Depository Company (CDC), increased his cumulative shareholding to 3,599,000 shares, representing 4.2845% of the company.

According to information available from the Pakistan Stock Exchange (PSX), the transaction is notable for its compliance with PSX Regulations under clause 5.6.4. The transaction involved shares that were electronically held and the gift recorded at a nominal rate of Rs. 0.00, marking a noteworthy instance of share transfer by a top executive within the company.

Artistic Denim Mills has confirmed that the transaction will be reviewed in the upcoming board meeting. The company will assess any non-compliance issues as mandated by PSX regulations and report findings to the exchange. This proactive disclosure underscores the company’s commitment to transparency and adherence to regulatory requirements.

Further ensuring regulatory compliance, the company affirmed that if the transaction falls within a six-month holding period, any profits would be surrendered. The equivalent value of the profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP) as per Section 105 of the Securities Act, 2015, with a formal intimation to PSX.

This disclosure comes as part of ongoing efforts by listed companies to enhance corporate governance and market integrity, promoting a stable and transparent investment environment.

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