Karachi: Waves Corporation Limited, a substantial shareholder in Waves Home Appliances Limited (formerly Samin Textiles Limited), has executed a significant sale of one million shares. This transaction, completed on August 2, 2024, was disclosed in compliance with the PSX Rule Book.

According to information available from the Pakistan Stock Exchange (PSX), the shares were sold at a rate of PKR 8.57 each through the Central Depository Company (CDC) in the ready market. This transaction falls under the regulatory oversight of clause No. 5.6.1(d) of the PSX Regulations, which requires disclosure of substantial shareholder transactions, to ensure transparency and proper oversight in listed companies.

The company has confirmed that this transaction will be reviewed in the subsequent board meeting to address and highlight any non-compliance issues. Furthermore, Waves Home Appliances Limited has verified that the holding period for these shares exceeded six months, aligning with regulatory requirements that aim to discourage short-term speculative trading by insiders.

Should the holding period have been less than six months, the profits would have necessitated a deposit with the Securities and Exchange Commission of Pakistan (SECP), a measure enforced under Section 105 of the Securities Act, 2015, to safeguard market integrity.