Substantial Shareholder Transactions at Reliance Insurance Company Limited Reported to Pakistan Stock Exchange

Karachi, In recent filings with the Pakistan Stock Exchange, Reliance Insurance Company Limited disclosed transactions conducted by Sharmeen Foods Pvt. Ltd., a substantial shareholder in the company. According to the disclosure, on March 11, 2024, Sharmeen Foods engaged in both purchasing and selling shares of Reliance Insurance. The firm bought 26,000 shares at a rate of 10.56 per share and sold 1,000 shares at 9.56 per share. Both transactions were carried out in the ready market and recorded in CDC form.

The company confirmed that these transactions would be reviewed in the upcoming board meeting to address and highlight any non-compliances with the PSX Regulations, specifically clause No. 5.6.4. Moreover, the company noted that the holding period for the transactions exceeds six months. If it had been within six months, a process is in place requiring the deposit of the profit’s equivalent amount with the SECP, following the guidelines under section 105 of the Securities Act, 2015, along with intimation to PSX.