AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Flying Cement Company Limited has announced a notable share transaction involving one of its executive directors, according to a recent disclosure mandated under the PSX Regulations.
On July 26, 2024, Qasim Khan, an Executive Director of Flying Cement, purchased 1,825,000 shares of the company at a rate of PKR 10.00 per share. The shares were acquired in the form of CDC certificates and the transaction occurred on the Non-Deliverable Market (NDM).
According to information available from the Pakistan Stock Exchange (PSX), this transaction will be reviewed in the upcoming board meeting, where any non-compliance issues related to the purchase will be highlighted and addressed as required under clause No. 5.6.1(d) of PSX Regulations.
The company has also confirmed that the holding period for these transactions exceeds six months. In compliance with Section 105 of the Securities Act, 2015, if the holding period had been under six months, any profit realized from the transaction would have required the executive to deposit a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), with due intimation to the PSX.
This significant share purchase by a high-ranking executive underscores potential confidence in the company’s future performance, although it remains subject to standard regulatory scrutiny to ensure full compliance with securities regulations.