Karachi: Khawaja Jalal ud Din, an independent director of Adamjee Insurance Company Limited, executed a significant transaction by selling 8.59 million shares on September 2, 2024. The shares were sold at a rate of 35.43 PKR per share through the Central Depository Company (CDC) in the ready market.

According to information available from the Pakistan Stock Exchange (PSX), this disclosure aligns with the transparency mandates of the PSX Regulations under clause 5.6.1.(d), which requires listed companies to inform about any substantial trading of shares by directors, the CEO, executives, or their spouses. The transaction is set to be reviewed in the upcoming board meeting, ensuring compliance and addressing any non-compliance with the regulatory framework.

Additionally, the company confirmed that the holding period for the shares was over six months. Should this period have been shorter, the requisite measures to remit profits back to the Securities and Exchange Commission of Pakistan (SECP) as dictated by Section 105 of the Securities Act, 2015 would have been implemented.

This sale by a high-ranking member of the company's board is expected to be scrutinized for adherence to corporate governance standards, ensuring the integrity of market operations and shareholder interests.