Mari Petroleum Executive Reports Share Transactions

Karachi: Mari Petroleum Company Limited has disclosed recent share transactions by an executive employee, in line with the transparency guidelines mandated by the Pakistan Stock Exchange (PSX). The executive, Muhammad Hadi, participated in buying a total of 65 shares on two separate occasions in late August.

According to information available from the Pakistan Stock Exchange (PSX), on August 26, 2024, Muhammad Hadi acquired 7 shares at a rate of Rs. 3253 each, followed by another 58 shares at Rs. 3302.03 each on August 27. Both transactions were executed through the Central Depository Company (CDC) and are classified under the ‘Ready’ market category.

The company has announced that these transactions will be reviewed in the upcoming board meeting to ensure compliance with clause 5.6.4 of PSX Regulations. This clause mandates that any trading by executives must be disclosed and scrutinized for any potential conflicts of interest or non-compliance with regulatory standards.

Furthermore, Mari Petroleum confirmed that the holding period for these transactions exceeds six months. If it were under six months, profits from these transactions would be subject to return to the Securities and Exchange Commission of Pakistan (SECP), as per the requirements under Section 105 of the Securities Act, 2015, ensuring that the executive does not benefit unduly from short-term trading activities.

These disclosures are part of the company’s commitment to maintaining transparency and adhering to the best practices in corporate governance and regulatory compliance.

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