Interloop Limited Announces Directorial and Executive Share Transactions

Islamabad: Interloop Limited has reported significant share transactions involving its directors and executives, as disclosed under the regulatory framework of the Pakistan Stock Exchange (PSX).

On July 24, 2024, Interloop informed the PSX of recent share transactions executed by its directors, executives, and their spouses, which are required to be disclosed under clause 5.6.1.(d) of the PSX Regulations. According to the company’s statement, these transactions include gifts of shares between family members and executives, all transacted at no cost and recorded through the Central Depository Company (CDC).

Musadaq Zulqamain, a non-executive director at Interloop, executed a gift transfer of 42 million shares. Concurrently, his spouse, Farzana Zulqamain, received 10 million shares. Additionally, executives Fatyal Sadiq and Zain Sadiq participated in similar transactions, receiving 11 million shares each. A smaller transaction of 1 million shares was also recorded a day prior involving Zain Sadiq under the same conditions.

According to information available from the Pakistan Stock Exchange (PSX), these share transfers are part of the compliance measures that listed companies must fulfill, particularly highlighting any non-compliance issues for board review. The company confirmed that these transactions would be discussed in the subsequent board meeting to address and highlight any potential non-compliance issues as mandated by the regulations.

Interloop further clarified the holding period for these transactions, stating that if the shares were held for less than six months, any profit derived must be surrendered to the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 105 of the Securities Act, 2015. This ensures that executives and substantial shareholders adhere to the legal frameworks intended to maintain market integrity and transparency.