AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Muhammad M. Ismail, a director of a listed company, completed a notable transaction involving the purchase of company shares on June 21, 2024. This activity has been formally disclosed in compliance with the Pakistan Stock Exchange (PSX) regulations.
According to information available from the Pakistan Stock Exchange (PSX), Ismail purchased 9,142 shares at a rate of Rs. 1,340 per share through the Central Depository Company (CDC) in the Ready Market. This transaction reflects active participation by a director in the company’s equity, underscoring a strong belief in the company’s prospects or a strategic positioning within the board.
The company has confirmed that this transaction will be reviewed in the upcoming board meeting to ensure there are no non-compliance issues as stipulated under clause No. 5.6.1. (d) of the PSX Regulations. This step is part of the rigorous governance standards required for transactions involving directors to maintain transparency and trust with all stakeholders.
Additionally, the company noted that the holding period for these transactions exceeds six months. If it were less than six months, any profits generated would be subject to a specific process involving the deposit of the equivalent profit with the Securities and Exchange Commission of Pakistan (SECP), as mandated by Section 105 of the Securities Act, 2015.
This transaction and its disclosure are integral to upholding the integrity of financial practices and investor confidence in the local markets.