Chashma Sugar Mills Director Buys Shares, Ensures Compliance with PSX Regulations

Karachi: Mr. Abbas Sarfaraz Khan, a Non-Executive Director of Chashma Sugar Mills Limited, has recently purchased 3,567 shares of the company. The transaction, dated February 11, 2024, was executed at a rate of 51.67 Rupees per share through the Central Depository Company (CDC) in the ready market.

According to information available from the Pakistan Stock Exchange (PSX), this transaction will be reviewed at Chashma Sugar Mills’ upcoming board meeting. The review aims to ensure all transactions comply with PSX Regulation clause No. 5.6.1(d), which requires the disclosure and examination of transactions by directors, CEOs, executives, their spouses, and substantial shareholders.

The company has confirmed that the holding period for these shares is over six months, which complies with regulatory requirements. If the holding period had been less than six months, profits from the sale of these shares would require a deposit with the Securities and Exchange Commission of Pakistan (SECP) as per Section 105 of the Securities Act, 2015.

This proactive compliance notification to the PSX underscores the company’s commitment to transparency and adherence to securities regulations.

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