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Karachi, In a significant compliance oversight, Mr. Mohammad Arab Bhayo, an executive at Pakistan Petroleum Limited, failed to disclose several transactions in the company’s shares. This non-disclosure was highlighted in a letter dated January 12, 2024, referenced PSX/Gen-65, by The Pakistan Stock Exchange (PSX).
The transactions in question, conducted by Mr. Bhayo, involved both purchases and sales of Pakistan Petroleum Limited’s shares. On December 29, 2023, he purchased 200 shares at Rs. 112.01 per share and sold 100 shares at Rs. 114.92 per share. Further transactions included the sale of 25 shares at Rs. 122.2 on January 1, 2024, 40 shares at Rs. 126.81 on January 2, 2024, and 35 shares at Rs. 128.19 on January 5, 2024. All these transactions were executed electronically within the Central Depository System (CDS).
Upon inquiry regarding the non-disclosure, Mr. Bhayo acknowledged his failure to timely inform the company about these transactions. He expressed regret over this inadvertent error and non-compliance with the PSX regulations, specifically clause 5.6.4, which mandates timely disclosure of such transactions. He has requested condonation for this oversight.
In response, the company has cautioned Mr. Bhayo to ensure strict compliance with the PSX Regulations in the future, emphasizing the importance of transparency and adherence to legal and regulatory requirements in financial dealings.