AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Shell Pakistan Limited has reported a transaction involving the sale of shares by an executive, Muhammad Akmal, on July 9, 2024. The sale involved 500 shares at a rate of 152.90 PKR per share, carried out in the ready market through the Central Depository Company (CDC).
The transaction by Akmal falls under the disclosure of interest by directors, CEOs, or executives of a listed company and their spouses and substantial shareholders, as stipulated by clause 5.6.1.(4) of the Pakistan Stock Exchange (PSX) Regulations. According to information available from the Pakistan Stock Exchange (PSX), the transaction will be presented at the subsequent board meeting of Shell Pakistan Limited. During this meeting, any non-compliances associated with the transaction will be highlighted for review.
The company also confirmed that the holding period for Akmal’s transaction exceeded six months. However, they noted that if any such transactions were to occur within a six-month period, the profit from those transactions would be subjected to compliance measures under Section 105 of the Securities Act, 2015. This includes depositing a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), with appropriate intimation to the PSX.
This transaction aligns with PSX regulations that mandate thorough internal review and public disclosure to maintain transparency and uphold investor confidence in the market dynamics of publicly listed companies.