Lahore: Fast Cables Limited has disclosed a significant transaction by Saima Mian, the spouse of an executive director, involving the purchase of 18,000 shares on August 19, 2024. The transaction was executed at a rate of Rs 22.83 per share, through the ready market, and was in electronic form.

According to information available from the Pakistan Stock Exchange (PSX), this transaction is part of the mandatory disclosures under clause 5.6.1.(d) of the PSX Regulations. These regulations necessitate the reporting of trades by directors, executives, their spouses, and substantial shareholders to ensure transparency and adherence to corporate governance norms.

The company has confirmed that this transaction will be reviewed in the upcoming board meeting to address any non-compliance issues. Additionally, Fast Cables has verified that the holding period for the shares exceeds six months. If the holding period were less than six months, any profits from such transactions would be required to be surrendered to the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015, with due notification to the PSX.