Mari Petroleum Executive Engages in Share Purchases

Karachi: In compliance with regulatory standards, Mari Petroleum Company Limited has disclosed a series of share purchases made by one of its executives, Naveed Ahmed. This announcement aligns with the transparency obligations under the Pakistan Stock Exchange (PSX) regulations.

According to information available from the Pakistan Stock Exchange (PSX), Naveed Ahmed, an executive at Mari Petroleum, conducted two separate transactions involving the company’s shares. On August 23, 2024, Ahmed purchased 20 shares at a rate of Rs. 3242.89 each, followed by an acquisition of 30 shares at Rs. 3252 each on August 26. Both transactions were executed through the Central Depository Company (CDC) under the Ready market category.

The company has confirmed that these transactions will be included in the agenda for the next board meeting, ensuring adherence to clause 5.6.4 of the PSX Regulations. This clause necessitates the reporting of any share dealings by directors and executives to monitor and prevent any potential conflicts of interest or insider trading activities.

Moreover, Mari Petroleum has assured compliance with the Securities Act of 2015, stating that if the holding period for these transactions is less than six months, any profit realized will be surrendered to the Securities and Exchange Commission of Pakistan (SECP), demonstrating the company’s commitment to maintaining rigorous ethical standards in its financial practices.

This proactive disclosure by Mari Petroleum is part of its ongoing efforts to ensure transparency and build trust with its stakeholders by aligning its operations with best practices in corporate governance.

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