AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Significant stock transactions have been reported involving the spouse of a top executive at Packages Limited. On June 20, 2024, Mrs. Perwin Babar Ali, spouse of Syed Babar Ali who is an executive at the company, purchased 10,950 shares at a rate of 507.27 PKR each.
The transaction took place through the Central Depository Company (CDC) and the shares were bought in ready form. This acquisition has been confirmed to be in compliance with the Pakistan Stock Exchange (PSX) Regulations, particularly under clause 5.6.1.(d), which deals with the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders.
According to information available from the Pakistan Stock Exchange (PSX), the company has stated that this transaction will be discussed in the subsequent board meeting. There, any non-compliance issues, if they exist, will be duly highlighted for consideration. The confirmation of this transaction has also been communicated to the Exchange.
Moreover, the company has clarified that the holding period for these transactions is over six months. Should it be less than six months, the profit obtained would be subject to a cheque deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with a formal intimation to PSX about this compliance measure.