Ghandhara Automobiles Substantial Shareholder Sells Over One Million Shares

Karachi: Ghandhara Automobiles Limited has announced a significant transaction involving a substantial shareholder selling over one million shares.

According to information available from the Pakistan Stock Exchange (PSX), Bibojee Services Private Limited, identified as a substantial shareholder, executed a sale of 1,000,000 shares on January 13, 2024, at a rate of 325.15 Rupees per share. The shares were sold in the form of Central Depository Company (CDC) ready certificates, indicating a streamlined transaction process.

This transaction is conducted under the compliance of clause No. 5.6.1.(d) of PSX Regulations, which mandates disclosure by directors, CEOs, executives, their spouses, and substantial shareholders regarding any trading of company shares. Ghandhara Automobiles has confirmed that the transaction will be reviewed in the upcoming board meeting, with particular attention to any potential non-compliance issues for further consideration.

Additionally, the company noted that if the holding period for these transactions is less than six months, any profits from the sale are required to be deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with a corresponding notification to the PSX. This step ensures adherence to regulatory standards concerning the timely reporting and transparency of significant corporate transactions.

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