Merger Packaging Limited Director Sells Shares, Adheres to Regulatory Requirements

Karachi: Merit Packaging Limited announced a significant transaction involving its Independent Director, Mr. Ahmed Munaf, on August 16, 2024. The transaction involved the sale of 470,878 shares at a rate of Rs.12.36 per share in the electronic (CDS) market category.

According to information available from the Pakistan Stock Exchange (PSX), this disclosure aligns with the regulatory framework, specifically under clause 5.6.4 of PSX Regulations. The transaction, executed on August 16, entailed the selling of shares that had been held for over six months, ensuring compliance with the holding period requirement. If the shares had been sold within six months, the profit would be subject to a cheque deposited with the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 105 of the Securities Act, 2015.

Merit Packaging Limited has confirmed that this transaction will be reviewed in the upcoming board meeting. The review will include an examination of any potential non-compliance issues related to this sale. This approach demonstrates the company’s commitment to transparency and adherence to the stringent regulations set forth by the PSX and SECP.

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