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Karachi, In a recent notification to the Pakistan Stock Exchange (PSE), Altern Energy Limited disclosed significant stock transactions executed by a member of its board. The notification adheres to the disclosure requirements under clause 5.6.1.(d) of PSX Regulations concerning the interests of directors, CEOs, executives, their spouses, and substantial shareholders in the company’s shares.
The disclosure revealed that Mr. Shah Muhammad Ch., serving as a Non-Executive Director at Altern Energy Limited, has engaged in multiple share purchase transactions. On March 1, 2024, Mr. Shah acquired 15,500 shares at a rate of PKR 20.02 and an additional 10,000 shares at PKR 20.12 through the Central Depository Company (CDC). Further expanding his investment, he bought 57,000 shares on March 5, 2024, at a rate of PKR 20.27, also through CDC.
Altern Energy Limited confirmed that these transactions would be reviewed in the upcoming board meeting to address any non-compliance issues, as mandated by the PSX Regulations. Moreover, the company assured adherence to the Securities Act of 2015, stating the holding period for these transactions exceeds six months. Should any sale occur within this timeframe, the profit equivalent will be deposited with the Securities and Exchange Commission of Pakistan (SECP), with proper notification to the PSX, ensuring compliance with regulatory requirements.