SEARLE COMPANY EXECUTIVE PURCHASES SHARES; COMPLIANCE TO BE REVIEWED

Karachi: The Searle Company Limited has reported a recent share purchase by one of its executives, according to disclosures required under the PSX Regulations. Moujood Ul Hassan, an executive of the company, bought 300 shares on July 22, 2024, at a rate of PKR 56.23 each.

According to information available from the Pakistan Stock Exchange (PSX), this transaction was conducted through the Central Depository Company (CDC) and falls under the scrutiny of Clause 5.6.1.(d) of the PSX Regulations, which mandates the disclosure of interests by directors, CEOs, executives, their spouses, and substantial shareholders. The company has stated that these shares were purchased in the ‘ready’ market, indicating an immediate transfer of stock.

The Searle Company has confirmed that this transaction, along with any potential non-compliance issues, will be presented at the upcoming board meeting for review. Additionally, the company reassured that if the holding period for these transactions is less than six months, any profit generated would be remitted to the Securities and Exchange Commission of Pakistan (SECP) as required under Section 105 of the Securities Act, 2015, with proper intimation to the PSX.

This disclosure is part of Searle’s commitment to transparency and adherence to regulatory requirements, ensuring that all shareholder transactions by company insiders are reported and scrutinized appropriately.