Kohinoor Spinning Mills Announces Non-Executive Director’s Share Gift

Karachi: Kohinoor Spinning Mills Limited has disclosed a significant transaction by Khawaja Mohammad Kaleem, a Non-Executive Director of the company, involving the gifting of 947,000 shares, according to information available from the Pakistan Stock Exchange (PSX). This transaction, conducted under the ‘Gift Duty’ (GIFT DUT) category, was executed at a rate of zero and registered through the Central Depository Company (CDC) in the Ready market on August 8, 2024.

The transaction will be reviewed in the upcoming board meeting, where any non-compliance with the PSX Regulations, specifically clause No. 5.6.1(d), will be highlighted and addressed. Kohinoor Spinning Mills has confirmed the adherence to regulatory requirements, stating that the holding period for these transactions exceeded six months. However, if the holding period had been less than six months, the company assured that a cheque equivalent to the profit would have been deposited with the Securities and Exchange Commission of Pakistan (SECP) in compliance with Section 105 of the Securities Act, 2015, with a formal intimation to PSX.

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