AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Crescent Fibers Limited has announced that Mansoor Riaz, a non-executive director of the company, purchased 12,923 shares on June 27, 2024. According to a notification issued by the company, the transaction was conducted through the Central Depository Company (CDC) at a rate of 59.00 PKR per share.
The purchase falls under the disclosure requirements set by the Pakistan Stock Exchange (PSX) Regulation clause No. 5.6.1.(d), which mandates that transactions executed by directors, CEOs, executives, their spouses, or substantial shareholders be openly declared. According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed in the upcoming board meeting. The company aims to address and highlight any non-compliances related to these regulations.
Further, the company confirmed that if the holding period of the shares is less than six months, any profit earned will be subjected to the terms of Section 105 of the Securities Act, 2015. Specifically, a cheque equivalent to the profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP), with notification provided to the PSX.