Pakistan Engineering Company Addresses Unusual Share Price Movements

Karachi: In response to queries about recent unusual share price movements, Pakistan Engineering Company Limited (PECO) has reaffirmed that all significant corporate actions have been timely disclosed, aligning with the regulatory requirements of the Securities Act, 2015 and Pakistan Stock Exchange (PSX) regulations. The statement was issued following an inquiry concerning the share price activity dated September 5, 2024.

According to information available from the Pakistan Stock Exchange (PSX), PECO highlighted a previous disclosure dated November 7, 2023, which detailed the initiation of the privatization process by the Privatization Commission (PC). This disclosure was made through PUCAR, ensuring that all market participants were fully informed in accordance with Section 96 of the Securities Act, 2015.

PECO further noted that it remains on the active privatization list of the Government of Pakistan, a status that has been consistently reported in both electronic and print media. The company also clarified that, apart from the ongoing privatization efforts, there are no undisclosed material reasons contributing to the recent volatility in its share price. This statement addresses concerns and speculations circulating in the market regarding the sudden increase in PECO’s share value.

The company reassured stakeholders and the investing public of its commitment to stringent compliance with all pertinent disclosure and regulatory obligations as outlined under Section 97 of the Securities Act and clause 5.6.1 of PSX Regulations.

PECO’s communication aims to maintain transparency with TRE Certificate holders and market regulators, ensuring that all parties are equally informed about the factors influencing its market performance.

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