Mari Petroleum Executive Reports Share Transactions in Compliance with PSX Regulations

Karachi: An executive of Mari Petroleum Company Limited has officially reported trading shares of the company. The disclosed transactions occurred on August 30, 2024, aligning with regulatory compliance standards as mandated by the PSX and the Securities Act of 2015.

Col Abdul Khaliq, an executive at Mari Petroleum, engaged in multiple share purchase transactions on a single day. The details are as follows: 200 shares at a rate of Rs. 3,389.00, 90 shares and 10 shares both at Rs. 3,389.99, and 2,296 shares at Rs. 3,390.00. All transactions were processed in a ready form through the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), this series of transactions, as noted by the company, will be presented at the next board meeting, in accordance with clause 5.6.4 of the PSX Regulations. This ensures that all executive trading activities are transparent and discussed at the corporate governance level.

Furthermore, the company confirmed that if the holding period for these transactions is less than six months, any profit derived will be addressed under Section 105 of the Securities Act, 2015. Specifically, a cheque equivalent to the profit must be deposited with the Securities and Exchange Commission of Pakistan (SECP), with appropriate notifications sent to PSX. This measure is designed to maintain fairness and prevent the misuse of insider information.

These disclosures underscore Mari Petroleum’s commitment to uphold legal and ethical standards concerning the trading of shares by its executives, ensuring all activities are transparent and regulated.

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