IGI Holdings Limited Reports Transaction by Non-Executive Director Syed Babar Ali

Karachi: IGI Holdings Limited has disclosed a significant share purchase transaction executed by Syed Babar Ali, a Non-Executive Director of the company, on July 26, 2024. This transaction involves the acquisition of 181,500 shares at a rate of 144.92 rupees per share, as per regulatory filings with the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the shares were purchased in the ‘Ready’ market category and registered through the CDC (Central Depository Company), aligning with standard procedures for such transactions. The transaction is set to be reviewed in the subsequent board meeting of IGI Holdings, where any non-compliances, if identified, will be addressed as mandated under Clause No. 5.6.1.(d) of the PSX Regulations.

IGI Holdings has also confirmed adherence to regulatory requirements concerning the holding period of the shares. If the shares are sold within six months, any profit earned will be surrendered to the Securities and Exchange Commission of Pakistan (SECP) by depositing a cheque equivalent to the profit amount, a practice aimed at ensuring transparency and fairness in the trading activities of insiders.

This transaction underscores the ongoing compliance efforts by IGI Holdings to uphold rigorous corporate governance standards and maintain full transparency in its executive dealings with the stock market.