Mitchell’s Fruit Farms Executive Director Buys Company Shares

Lahore: Mitchell’s Fruit Farms Limited disclosed a transaction by one of its executive directors, Syed Mohammad Mehdi Mohsin, involving the purchase of company shares on July 25, 2024. According to information available from the Pakistan Stock Exchange (PSX), the transaction includes the acquisition of 450 shares at a rate of Rs. 166.96 each.

The shares were bought in physical form through the Central Depository Company (CDC). This transaction will be reviewed in the upcoming board meeting as part of the compliance with clause No. 5.6.1(d) of PSX Regulations, which mandates disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders.

The company has confirmed that all procedural requirements concerning the transaction have been met. This includes the stipulation that if the holding period of the shares is less than six months, any profit realized from their sale must be returned to the Securities and Exchange Commission of Pakistan (SECP), a measure designed to prevent short-term speculative trading by insiders.

Mitchell’s Fruit Farms has stated it will notify the PSX if the profit return becomes necessary under Section 105 of the Securities Act, 2015.