Reliance Insurance Announces Director Transactions in Compliance with PSX Regulations

Karachi: Reliance Insurance Company Limited has reported a transaction by Sharmeen Foods Pvt. Ltd., a substantial shareholder, involving the purchase of shares. According to information available from the Pakistan Stock Exchange (PSX), the transaction took place on July 30, 2024, and involved the acquisition of 8,000 shares at a rate of 9.61 PKR per share. The shares were transferred in the form of CDC certificates in the ready market category.

This transaction will be reviewed at the forthcoming board meeting, where any instances of non-compliance with PSX Regulations, particularly clause No. 5.6.1.(d), will be highlighted and addressed. Additionally, the company confirmed that the holding period for these transactions exceeds six months. If it were less than six months, profits from the transaction would be subject to repayment to the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015, with due notification to the PSX.

The disclosure underscores the company’s adherence to the regulatory frameworks designed to maintain transparency and protect investor interests in the financial markets.