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Karachi: Artistic Denim Mills Limited has announced a significant transaction involving its Chief Executive Officer and Director, Mr. Muhammad Faisal Ahmed. The transaction, which took place on September 10, 2024, involved the purchase of 5.00 million shares through the Central Depository Company (CDC) at a rate of 43 PKR per share, in an electronic format on the ready market.
According to information available from the Pakistan Stock Exchange (PSX), this transaction will be discussed in the upcoming board meeting to address any potential non-compliance issues as mandated by clause 5.6.4. of PSX Regulations. The company has confirmed that all required details of the transaction will be presented for board consideration, ensuring transparency and adherence to regulatory guidelines.
The company further confirmed that the holding period for these transactions is over six months. In cases where transactions occur within six months, the company is required to deposit a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015, and to inform the PSX accordingly.