Director’s Spouse Conducts Major Transaction on Pakistan Stock Exchange

Karachi, In a notable transaction reported to the Pakistan Stock Exchange (PSE), Mrs. Tehmineh Kashani, the wife of Mr. Syed Shahid Ali Bukhari, a director of a listed company, sold 840 shares on December 15, 2023. The shares were sold at a rate of 1,638.64 per share, processed through the Central Depository Company (CDC) with a T+2 settlement period.

The transaction has been communicated to the PSE as part of the regulatory requirements, specifically under clause No. 5.6.4 of PSX Regulations, which mandates the disclosure of interest by directors, CEOs, executives of a listed company, their spouses, and substantial shareholders. The company has confirmed that this transaction, along with any potential non-compliance issues, will be discussed in the subsequent board meeting for appropriate consideration and action as required.

Furthermore, the company assured the exchange that the holding period for the shares sold by Mrs. Kashani was over six months. In compliance with the Securities Act, 2015, specifically under Section 105, if the holding period had been less than six months, the profits from the transaction would have to be submitted to the Securities and Exchange Commission of Pakistan (SECP), with proper intimation to the PSX.