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Islamabad: A significant transaction involving insider trading at Cordoba Logistics and Ventures Limited was reported, involving the spouse of a non-executive director. On July 23, 2024, Raza Elahi, the spouse of Anum Raza, a non-executive director at the company, purchased 196,141 shares at a rate of 15.23 per share. This transaction was conducted in the Ready Market under the CDC (Central Depository Company) form of share certificates.
According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed at the upcoming board meeting. The board will assess any non-compliance issues as mandated by clause No. 5.6.1(d) of PSX Regulations and will report their findings to the Exchange. This clause stipulates the disclosure requirements for transactions conducted by directors, CEOs, executives, their spouses, and substantial shareholders.
Furthermore, the company has confirmed that the holding period for these shares extends beyond six months. If it were within six months, Cordoba Logistics and Ventures Limited would be required to deposit a cheque equivalent to the profit gained with the Securities and Exchange Commission of Pakistan (SECP), as outlined under Section 105 of the Securities Act, 2015, also under intimation to PSX.