IGI Holdings Director Executes Share Purchase Under Regulatory Compliance

Karachi: A significant share transaction was recorded for IGI Holdings Limited, involving a non-executive director, according to a recent disclosure to the Pakistan Stock Exchange (PSX). On July 24, 2024, Syed Babar Ali, a non-executive director of the company, purchased 63,751 shares at a price of Rs. 133.47 per share. This transaction was conducted in the Ready market, and the shares were documented through the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed at the next board meeting of IGI Holdings. The board will assess any non-compliances linked to the purchase and discuss the necessary actions as stipulated under clause No. 5.6.1(d) of PSX Regulations. This clause mandates the disclosure and review of any transactions involving directors, CEOs, or substantial shareholders.

Further confirmations from IGI Holdings indicated that the holding period for the transaction is over six months. Should it have been within this period, a process is in place requiring the deposit of a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), under the provisions of Section 105 of the Securities Act, 2015, to ensure compliance with insider trading regulations.

This transaction underscores the ongoing compliance efforts by listed companies to uphold transparency and regulatory standards governing executive transactions on the PSX.