IGI Holdings Limited Announces Share Transactions by Directors and Major Shareholders

Karachi: IGI Holdings Limited has disclosed significant share transactions involving its directors and major shareholders, according to an announcement made on August 8, 2024. The transactions, which include gifts of shares, are set to be reviewed at the company’s upcoming board meeting.

According to information available from the Pakistan Stock Exchange (PSX), the transactions were carried out under clause No. 5.6.1(d) of PSX Regulations. Syed Babar Ali, a Non-Executive Director of IGI Holdings, and the Babar Ali Foundation, a substantial shareholder, both gifted 365,550 shares at a rate of zero, registered under the Central Depository Company (CDC) in the Non-Deliverable Market (NDM).

The company confirmed that these transactions will be presented and scrutinized for any non-compliance during the next board meeting. Furthermore, it was confirmed that if the holding period for these transactions is less than six months, a cheque equivalent to the profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with due intimation to the PSX.

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