Substantial Share Purchase by Hussain Dawood in Dawood Lawrencepur Limited

Karachi: In a significant market move, Hussain Dawood, a substantial shareholder, has increased his stake in Dawood Lawrencepur Limited, as per the latest filings with the Pakistan Stock Exchange (PSX). According to information available from the Pakistan Stock Exchange (PSX), this transaction took place on July 2, 2024, involving the purchase of 985,354 shares at a rate of PKR 239.96 per share through the Central Depository Company (CDC) in the Ready Market.

This purchase represents a notable increase in Dawood’s investment in the company, underscoring his continued confidence in the firm’s prospects and strategic direction. The transaction will be scrutinized in the upcoming board meeting of Dawood Lawrencepur Limited, ensuring all actions comply with the regulatory framework as outlined under clause No. 5.6.1.(d) of PSX Regulations.

The company has confirmed that the shares were acquired for a period extending beyond six months, which aligns with the PSX’s mandate to prevent short-term speculative trading. Should the shares be sold within six months, however, profits generated from such a sale are mandated to be returned to the Securities and Exchange Commission of Pakistan (SECP) in accordance with Section 105 of the Securities Act, 2015.

This disclosure not only maintains transparency in the operations of listed companies but also plays a crucial role in safeguarding the interests of investors by ensuring adherence to the best practices of corporate governance.