Matco Foods Director Buys Company Shares, Transaction to Be Reviewed

Karachi: Matco Foods Limited has announced a significant share purchase by Mr. Faizan Ali Ghori, a Director of the company. The transaction, involving 20,000 shares acquired at a rate of Rs 25.13 per share, took place on September 10, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the shares were purchased in the ‘Ready’ market and registered through the Central Depository Company (CDC). This transaction is particularly noteworthy as it involves a key executive, aligning with the PSX Regulation under clause 5.6.1.(d), which governs the disclosure of interest by directors, CEOs, or executives of listed companies.

The company has confirmed that this transaction will be presented for review at the upcoming board meeting. This review will include an assessment of any non-compliance issues related to the transaction, ensuring adherence to corporate governance standards. Additionally, Matco Foods has noted that the holding period for these shares is over six months. Should it have been less, any profit realized from the transaction would have been required to be deposited with the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015, further emphasizing the regulatory framework governing such transactions.