AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: A significant transaction has been executed by Ibrahim Holdings (Pvt.) Ltd., a substantial shareholder and sponsor of Ibrahim Fibres Limited, involving the purchase of shares on September 9, 2024.
According to the detailed transaction report provided to stakeholders, Ibrahim Holdings purchased 353 shares of Ibrahim Fibres at a rate of PKR 350.00 per share. These shares were acquired in the ready market and are held in electronic form (CDC).
According to information available from the Pakistan Stock Exchange (PSX), this transaction is especially noteworthy due to the involvement of a major shareholder, which requires careful regulatory oversight. Under PSX Regulations, specifically clause 5.6.4, such transactions must be reported and reviewed in subsequent board meetings to ensure compliance with all relevant laws and guidelines.
The company has confirmed that if the holding period of these shares is less than six months, any profit from these transactions will be subject to penalties under Section 105 of the Securities Act, 2015. This includes depositing a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), an action aimed at discouraging speculative trading by insiders.
This disclosure aligns with PSX’s commitment to transparency and the prevention of unethical practices in trading activities by insiders.