AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a significant financial move within Unity Foods Limited, Abdul Majeed Ghaziani, a non-executive director, and his spouse Salma Majeed sold millions of shares on June 24, 2024. According to information available from the Pakistan Stock Exchange (PSX), the shares were transacted through the Central Depository Company (CDC).
Abdul Majeed Ghaziani sold a total of 49,530,390 shares, while Salma Majeed offloaded 8,189,086 shares, both at a rate of PKR 27.34 per share. These transactions were conducted through the CDC, indicating a direct transfer of shares in the ready market.
The upcoming board meeting of Unity Foods is set to review these transactions. The focus will be on ensuring compliance with the regulatory requirements outlined in clause No.5.6.1.(d) of the PSX Regulations, which pertains to the disclosure and conduct of executives and their families in share dealings.
Additionally, the company confirmed that the holding period for the sold shares exceeded six months, which is critical in avoiding the mandatory profit return if sold within a shorter timeframe. Should any such transactions occur within six months, the Securities and Exchange Commission of Pakistan (SECP) mandates that profits be returned to uphold the integrity of the market and prevent insider trading.