AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Artistic Denim Mills Ltd., a prominent player in the textile industry, disclosed a significant transaction executed by its CEO, Mr. Yousef Ahmed. The details, released on October 14, 2024, involve the sale of 3,500.00 million shares at a rate of 43 Rs per share, marking a notable shift in the company’s share distribution.
According to information available from the Pakistan Stock Exchange (PSX), the transaction took place in the Non-Deliverable Market (NDM) on October 10, 2024. The sale resulted in Mr. Ahmed’s cumulative shareholding being adjusted to approximately 99,000 shares, representing a mere 0.118% of total shares. This move is particularly significant, reflecting a substantial decrease in his holdings compared to prior figures.
The company has announced that this transaction will be discussed further in the upcoming board meeting. The discussion will include a review of compliance with the regulatory requirements under clause 5.6.4. of PSX regulations, which pertain to the disclosure obligations of directors and significant shareholders.
Furthermore, Artistic Denim Mills Ltd. confirmed that the holding period for these transactions exceeded six months, ensuring compliance with the minimum holding period prescribed by PSX regulations. The payment for these transactions has been settled through a cheque equivalent to the initial float, adhering to the Securities Act, 2015.
This transaction could have broader implications for the company’s governance and future market positioning, keeping industry stakeholders closely watching the outcomes of the forthcoming board discussions.