AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Kohat: Kohat Cement Company Limited has disclosed share transactions executed by a director and an executive as per the requirements of clause 5.6.4 of the Pakistan Stock Exchange (PSX) Regulations.
According to the company’s recent filing, Nadeem Atta Sheikh, a director at Kohat Cement, gifted 200,000 shares to his son on June 21, 2024, and another 75,000 shares on June 25, 2024. Both transactions were conducted through the Central Depository Company (CDC) and did not involve any trading rate. Similarly, Faisal Atta Sheikh, an executive at the company, received a gift of 200,000 shares from his father on June 21, 2024, also processed through CDC.
According to information available from the Pakistan Stock Exchange (PSX), these transactions are part of the corporate governance practices that require disclosures by directors and executives when dealing in the company’s shares. These transactions will be reviewed in the forthcoming board meeting to address any potential non-compliance with PSX regulations.
The company also confirmed that the holding period for these transactions exceeded six months. In scenarios where the holding period is less than six months, Kohat Cement stated that a cheque equivalent to the profit would be deposited with the Securities and Exchange Commission of Pakistan (SECP), adhering to Section 105 of the Securities Act, 2015, and duly notifying PSX.