AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: TPL Corp Limited disclosed significant trading activity by a substantial shareholder on July 25, 2024, involving both sales and purchases of shares, according to a recent submission to the Pakistan Stock Exchange (PSX).
According to information available from the Pakistan Stock Exchange (PSX), the transactions encompassed multiple sales and purchases of shares, executed in the futures market. Specifically, TPL Corp Limited sold and subsequently repurchased shares in a series of transactions aimed at raising financing. The details of these transactions are as follows: 550,000 shares were sold at Rs. 8.06 and repurchased at Rs. 8.35, 1,500,000 shares were sold at Rs. 8.08 and repurchased at Rs. 8.37, 1,000,000 shares were sold at Rs. 8.09 and repurchased at Rs. 8.38, and 2,560,000 shares were sold at Rs. 8.09 and repurchased at Rs. 8.38.
These trades, all conducted under the Central Depository System (CDS), involved large blocks of shares, indicating a strategic move by the shareholder. The company clarified that the intention behind selling the shares was to generate financing, with the same shares already purchased back in the futures market.
TPL Corp Limited has confirmed that these transactions will be presented at the subsequent Board meeting. The disclosure aims to highlight any non-compliance with the regulations, specifically clause No. 5.6.4 of PSX Regulations, and to confirm the legality of these transactions to the Exchange.