Saritow Spinning Mills Limited Reports Insider Trading by Director’s Son

Karachi: Saritow Spinning Mills Limited has disclosed a trading activity involving the son of a significant shareholder, Mr. Yaqoob Habib, as per regulatory compliance. The transactions, part of the routine disclosures to the Pakistan Stock Exchange (PSX), involved the buying and selling of company shares.

According to information available from the Pakistan Stock Exchange (PSX), Mr. Hassan Yaqoob, the son of Mr. Yaqoob Habib, executed two distinct transactions with shares of Saritow Spinning Mills. On July 19, 2024, he purchased 5,000 shares at a rate of PKR 6.40 per share. Following this, on July 22, 2024, he sold the same number of shares, this time at a rate of PKR 5.95 per share. Both transactions were conducted through the Central Depository Company (CDC) in electronic form and on the ready market.

The company has confirmed that these transactions will be reviewed at the upcoming board meeting, where any non-compliance issues related to the trades will be addressed. Saritow Spinning Mills has also verified that the holding period for the transactions exceeded six months. If this period were less than six months, any profit made would be subject to a regulatory requirement involving the deposit of a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 105 of the Securities Act, 2015.

This adherence to detailed disclosure norms underscores the regulatory framework within which listed companies operate, ensuring transparency and accountability in their dealings with the shares.