Tariq Corporation Limited Director Engages in Share Acquisition

Karachi: A significant transaction in Tariq Corporation Limited’s shares has been reported involving an independent director, highlighting activities governed by regulatory compliance. On July 31, 2024, Raza Elahi, an Independent Director at Tariq Corporation Limited, purchased 63,375 shares at a rate of 12.91 PKR per share. According to information available from the Pakistan Stock Exchange (PSX), the shares were bought through the Central Depository Company (CDC) and are classified under the “Ready” market category.

The company has stated that these transactions will be reviewed in the upcoming board meeting to address any potential non-compliance with the PSX Regulations, specifically clause No. 5.6.1(d). The disclosure also confirms the adherence to the holding period stipulation of the Securities Act, 2015, which mandates a minimum holding period of six months. In instances where the holding period is shorter, profits are to be remitted to the Securities and Exchange Commission of Pakistan (SECP) by submitting a cheque equivalent to the profit amount.

This corporate governance measure ensures transparency and compliance in the dealings of company executives and significant shareholders, reinforcing the regulatory framework intended to uphold fair trading practices within the Karachi stock market.

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