Karachi: A notable executive at Mari Petroleum Company Limited has reported a series of share transactions, which took place on August 12, 2024, according to a recent disclosure filed with the company.

Col Abdul mmHg, an executive at Mari Petroleum, engaged in multiple purchases of company shares, totaling 1,100 units at varying prices ranging from 3,179 to 3,450 PKR per share. These transactions were all conducted in the 'Ready' market and were documented through the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), such disclosures are mandatory and serve to maintain transparency in the dealings of company insiders, helping to prevent conflicts of interest and ensuring that all actions are in line with corporate governance norms.

The executive's transactions included buying 50 shares at 3,179 PKR, 100 shares at 3,288 PKR, and several other lots up to 150 shares at 3,450 PKR. These transactions were immediately reported to the company's board and will be reviewed in the next board meeting as per the PSX Regulations clause 5.6.4.

Mari Petroleum has also confirmed that if the holding period for these transactions is less than six months, any profits made will be surrendered to the Securities and Exchange Commission of Pakistan (SECP), as per Section 105 of the Securities Act, 2015, with the respective profits being calculated and the equivalent amount in cheques being deposited.

This adherence to regulatory guidelines and the detailed reporting of such transactions underscore the ongoing commitment to transparency at Mari Petroleum.