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Lahore, Senior executives of Fast Cables Limited, including key directors and the Chief Financial Officer, have recently made notable share purchases in the company, as disclosed under the regulations of the Pakistan Stock Exchange (PSX).
On June 14, 2024, Talal Amjad, the Strategy Head, acquired 3,000 shares, while Muhammad Sharjeel, the Chief Financial Officer, purchased 4,100 shares. Additionally, Syed Mazher Iqbal, an Independent Director, bought 20,000 shares. Each transaction was priced at Rs. 24.5000 per share and carried out through the Central Depository Company (CDC) in the ready market.
According to information available from the Pakistan Stock Exchange (PSX), these transactions are significant as they reflect the confidence of senior management in the company’s future. They will be reviewed in the upcoming board meeting to ensure all are in compliance with clause No. 5.6.1.(d) of the PSX Regulations, which mandates the disclosure and scrutiny of such transactions to prevent any potential conflicts of interest or insider trading issues.
The company has also confirmed that the holding period for these shares exceeds six months. Should any of the shares be sold within six months, the profits would be subject to regulations under Section 105 of the Securities Act, 2015, which requires that profits be returned to the Securities and Exchange Commission of Pakistan (SECP), demonstrating Fast Cables Limited’s commitment to regulatory compliance and ethical corporate governance.