Karachi: A significant transaction involving shares of Cherat Cement Company Limited was executed by Mr. Arif Dino Faruque, a director of the company, as disclosed under the regulatory framework of the Pakistan Stock Exchange (PSX).

On September 30, 2024, Mr. Faruque sold 20,000 shares of Cherat Cement at a rate of PKR 180.00 per share. According to information available from the Pakistan Stock Exchange (PSX), the transaction was conducted in the form of Central Depository Company (CDC) share certificates. Following this transaction, Mr. Faruque’s cumulative shareholding in Cherat Cement has adjusted to 1.415 million shares, which now constitutes 0.73% of the total shares of the company.

The company has confirmed that this transaction will be reviewed in the upcoming board meeting, where any non-compliance issues related to the sale will be addressed as mandated by clause No. 5.6.4 of PSX Regulations. Additionally, it has been confirmed that the holding period for the shares sold was over six months. In scenarios where the holding period is less than six months, the profit from such transactions is required to be surrendered to the Securities and Exchange Commission of Pakistan (SECP), a step that ensures adherence to the Securities Act of 2015.