AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Sunridge Foods (Private) Limited, a substantial shareholder in Al-Shaheer Corporation Limited, sold 10 million shares on July 29, 2024, for a rate of PKR 6.96 per share. According to information available from the Pakistan Stock Exchange (PSX), this transaction was conducted in the form of CDC-ready share certificates and took place in the ready market.
This significant sell-off will be discussed in the forthcoming board meeting of Al-Shaheer Corporation, with a special focus on any potential non-compliance issues as mandated by clause No. 5.6.1.(d) of PSX Regulations. The company has confirmed compliance with the required disclosure norms and has informed the Exchange as necessary.
Moreover, the company has assured that the holding period for these shares exceeded six months. In compliance with regulatory requirements, if any shares are sold within six months, a cheque equivalent to the profit earned will be deposited with the Securities and Exchange Commission of Pakistan (SECP), following the guidelines under Section 105 of the Securities Act, 2015, with appropriate notifications to PSX.
This transaction underscores the active trading dynamics within the corporate governance frameworks set forth by regulatory authorities to ensure transparency and protect shareholder interests.