AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Service Global Footwear Limited has disclosed a series of share transactions by key executives, according to a regulatory filing with the Pakistan Stock Exchange (PSX). The transactions, conducted on July 23, 2024, involved Executive Directors Hassan Ehsan Cheema, Qadeer Alinejad Vaseer, and Usman Liaqat. Each executive acquired shares under the Employee Stock Option Scheme (ESOS) at a rate of PKR 30.00 per share.
The company informed that Hassan Ehsan Cheema and Qadeer Alinejad Vaseer each purchased 12,500 shares, while Usman Liaqat bought 10,000 shares. All transactions were processed through the Central Depository Company (CDC) without specifying the market category, as these transactions are internal and pertain to employee stock options.
According to information available from the Pakistan Stock Exchange (PSX), the disclosure of these transactions is in compliance with clause No. 5.6.1(d) of the PSX Regulations. The transactions will be presented for review at the upcoming board meeting, where any potential non-compliance issues will be addressed. The company also confirmed that the holding period for these transactions exceeds six months. If any of these transactions had occurred within six months, the profits would be subject to a recovery mechanism under Section 105 of the Securities Act, 2015, which mandates the deposit of profit-equivalent cheques with the Securities and Exchange Commission of Pakistan (SECP).
Service Global Footwear Limited reassured stakeholders that all regulatory requirements have been met, underscoring their commitment to transparency and good governance.