Searle Company Executive Purchases Shares, Compliance Discussed in Upcoming Board Meeting

Karachi: The Searle Company Limited has reported a recent share purchase by one of its executives, which will be reviewed in the next board meeting as per regulatory requirements.

Moujood Ul Hassan, an executive at The Searle Company Limited, bought 100 shares of the company on August 16, 2024. The shares were purchased at a rate of PKR 56.50 per share and are registered under the Central Depository Company (CDC) in the Ready market category. This transaction is part of the mandatory disclosures under clause 5.6.1.(d) of the PSX Regulations concerning the acquisition or disposal of shares by directors, chief executive officers, executives, their spouses, and substantial shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the company has confirmed that this transaction, along with any potential non-compliance issues, will be highlighted and discussed in the forthcoming board meeting. Additionally, it has been confirmed that if the holding period for these transactions is less than six months, any profits gained will be surrendered to the Securities and Exchange Commission of Pakistan (SECP) by depositing a cheque equivalent to the profit amount, as stipulated under Section 105 of the Securities Act, 2015.

The transparency of these transactions is crucial for maintaining investor confidence and ensuring compliance with market regulations, which are designed to prevent conflicts of interest and promote fair trading practices.

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