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Karachi: Zahid Majeed, a director at National Foods Limited, bought 47,000 shares of the company on July 2, 2024. The shares were purchased at a rate of Rs. 176.33 per share through the Central Depository Company (CDC) in the ready market.
This transaction is in accordance with WS 5.6.4 of PSX Regulations, which mandates disclosure of substantial transactions by directors, CEOs, or executives of listed companies and their spouses. The total investment by Zahid Majeed amounted to approximately Rs. 8.29 million.
According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed in the upcoming board meeting of National Foods Limited. This review will include any potential non-compliance issues related to the transaction, ensuring all regulatory requirements are met.
The company also confirmed that if the holding period for these transactions is less than six months, any profit made will be calculated and a cheque for the equivalent amount will be submitted to the Securities and Exchange Commission of Pakistan (SECP), in compliance with Section 105 of the Securities Act, 2015. This submission will be under intimation to PSX, confirming adherence to the necessary legal and regulatory frameworks.