AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In recent transactions documented by Agha Steel Industries Limited, a senior management member, Ahmed Ateeq, sold a substantial number of shares on two consecutive days. According to information available from the Pakistan Stock Exchange (PSX), the shares were sold through the Central Depository Company (CDC) on the ready market.
On June 25, 2024, Ahmed Ateeq sold 74,000 shares at a rate of PKR 10.21 each. A day prior, on June 24, he sold an additional 26,000 shares, priced slightly higher at PKR 10.25 per share. The total transactions over the two days involved 100,000 shares being offloaded by the senior management figure.
These transactions are set to be reviewed at the upcoming board meeting of Agha Steel Industries. The review will assess compliance with the PSX Regulations, specifically clause No.5.6.1.(d), which governs the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders.
Furthermore, the company confirmed that the holding period for these shares exceeded six months. This detail is crucial as transactions within a six-month period would require that profits be returned to the Securities and Exchange Commission of Pakistan (SECP) under Section 105 of the Securities Act, 2015, to ensure adherence to insider trading laws and maintain market integrity.