Epicure DMCC Acquires Shares in National Foods Limited

Karachi: Epicure DMCC, an associated company of National Foods Limited, has completed a significant transaction involving the purchase of shares, as disclosed in a recent statement released by National Foods Limited. The transaction was conducted on August 23, 2024, and will be reviewed in the upcoming board meeting as per the regulations of the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the details of the transaction show that Epicure DMCC bought 849,000 shares at a rate of Rs. 200.00 per share. The shares were acquired in the form of CDC certificates, a digital method of holding and trading shares in the Pakistani market. This type of transaction is monitored under section 5.6.4 of PSX regulations, which requires a detailed review and disclosure of any non-compliance during the subsequent board meeting.

The statement from National Foods Limited further confirmed that the holding period for the shares has exceeded six months. However, it noted that if any part of the holding period were under six months, the profits would be subjected to a cheque deposit with the Securities and Exchange Commission of Pakistan (SECP). This measure ensures compliance with section 105 of the Securities Act, 2015, which is intended to regulate profit earnings from short-term shareholding transactions and mandates notification to PSX.

The financial engagement by Epicure DMCC in National Foods Limited not only reflects the investment activities within associated companies but also underlines the rigorous regulatory environment governing corporate transactions in Pakistan’s stock market.

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