Mari Petroleum Executives Engage in Substantial Share Transactions

Karachi: Executives at Mari Petroleum Company Limited have recently conducted several significant share purchases, according to disclosures made to the Pakistan Stock Exchange. The transactions, which occurred between August 30 and September 3, 2024, are part of routine financial disclosures required by regulatory standards.

Brig Saad Saeed Naik (Retd.) initiated the series of purchases on August 30, 2024, by acquiring 200 shares at a rate of PKR 3,370.00 each. This was followed by Muhammad Rashid, who bought 195 shares on September 2, 2024, at PKR 3,404.87 each. On the same day, Waqar Hasan purchased 87 shares priced at PKR 3,446.47, while Kamran Bin Zafar acquired a single share at PKR 3,458.00. Waqar Hasan made an additional purchase on September 3, buying 43 shares at PKR 3,474.99 each.

According to information available from the Pakistan Stock Exchange (PSX), these transactions will be reviewed in the next board meeting of Mari Petroleum, as stipulated by clause 5.6.4 of PSX Regulations. This review will ensure compliance with all necessary disclosure requirements and address any potential non-compliance issues.

The company also confirmed that the holding periods for these transactions exceeded six months. Should any of these transactions fall within a six-month period, Mari Petroleum has assured that the equivalent profits will be deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with notification provided to PSX.

These transactions reflect an active engagement by the company’s executives in the stock market, which is often seen as a sign of confidence in the company’s future performance and stability.

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