Karachi: Gharibwal Cement Limited has reported a substantial share transaction by its Executive Director, Muhammad Tousif Peracha, who purchased 350,000 shares of the company at a rate of Rs. 28.14 per share on September 10, 2024. The transaction was processed through the Central Depository Company (CDC) on a ready basis.
According to information available from the Pakistan Stock Exchange (PSX), this transaction is set to be reviewed in the upcoming board meeting. The discussion will address any potential non-compliance issues as stipulated under clause No. 5.6.1.(d) of PSX Regulations, which governs the trading activities of directors, CEOs, executives, and substantial shareholders within listed companies.
The company has ensured that all regulatory requirements are met, including the mandate that if the holding period of the transaction is less than six months, any resultant profit must be surrendered. Specifically, a cheque for the equivalent amount of profit would be deposited with the Securities and Exchange Commission of Pakistan (SECP), in compliance with Section 105 of the Securities Act, 2015, and this action will be formally communicated to PSX.
This disclosure is part of Gharibwal Cement’s commitment to transparency and strict adherence to the governance norms set by regulatory bodies aimed at maintaining fair trading practices and upholding shareholder trust.