AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Syed Mazher Iqbal, an Independent Director at Fast Cables Limited, has executed a significant transaction by purchasing 20,000 shares of the company on July 23, 2024. This transaction was conducted at a rate of PKR 22.071 per share in the ready market and registered through the Central Depository Company (CDC).
According to information available from the Pakistan Stock Exchange (PSX), this move is part of the routine disclosures mandated under clause 5.6.1.(d) of PSX Regulations, which govern the trading activities of directors, executives, and substantial shareholders of listed companies. The transaction details will be reviewed in the upcoming board meeting, with a focus on ensuring compliance with all relevant regulations.
Fast Cables Limited has confirmed that the transaction has exceeded the six-month holding period required under Section 105 of the Securities Act, 2015. Should the holding period have been shorter, the company was prepared to deposit any resulting profit with the Securities and Exchange Commission of Pakistan (SECP), as required by law, and inform the PSX.
This disclosure underscores the company’s commitment to transparency and adherence to the stringent regulatory requirements set forth by both the PSX and SECP, ensuring that all significant share transactions by insiders are conducted within the bounds of the law and reported accurately.