Karachi: A recent transaction on the Pakistan Stock Exchange reveals a significant share purchase by an executive of Synthetic Products Enterprises Limited. The disclosure follows the requirements of PSX Regulation 5.6.1.(d), emphasizing transparency and compliance in dealings by insiders of listed companies.

On September 20, 2024, Mirza Sikander Baig, identified as an Executive Employee, acquired 243 shares of Synthetic Products Enterprises at a rate of PKR 38.85 each. The shares were bought in electronic form through the Central Depository System (CDS), specifically within the "Ready" market category, totaling an investment of PKR 9,437.55. This action aligns with the regulatory framework governing financial transactions by company insiders.

According to information available from the Pakistan Stock Exchange (PSX), the transaction will be reviewed in the upcoming board meeting of Synthetic Products Enterprises. The agenda will include an assessment of this purchase and any potential non-compliance issues as stipulated by PSX regulations. This proactive approach ensures that all insider transactions are thoroughly scrutinized to maintain market integrity and investor confidence.

Furthermore, the company confirmed that if the holding period for the transaction is less than six months, any resulting profit will be surrendered. This involves issuing a cheque for the profit amount to the Securities and Exchange Commission of Pakistan (SECP), as mandated under Section 105 of the Securities Act, 2015. The company will also notify PSX about this compliance measure, underscoring its commitment to adhere to legal and ethical standards in its financial practices.