TOWELLERS LIMITED DISCLOSES DIRECTOR’S SHARE PURCHASE

Karachi: Towellers Limited has officially reported a significant share acquisition by one of its directors, according to a disclosure mandated under clause No. 5.6.4 of Pakistan Stock Exchange (PSX) Regulations.

According to information available from the Pakistan Stock Exchange (PSX), Mahjabeen Obaid, a Non-Executive Director of Towellers Limited, purchased 180,000 shares of the company on August 13, 2024. The shares were bought at a rate of 134 rupees per share and were issued in physical form on the Ready Market.

The transaction will be reviewed in the upcoming board meeting of Towellers Limited, where any non-compliances with PSX regulations will be highlighted and addressed. The company has confirmed that the holding period for these shares is over six months. Should the holding period have been shorter, the company would have been required to deposit any profits from the shares with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under section 105 of the Securities Act, 2015.

This strategic purchase by a key member of Towellers’ board underscores ongoing adjustments within the company’s leadership investments and compliance with market regulations.

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