Karachi: A director of Avanceon Limited, Tanveer Karamat, has disclosed the sale of 50,000 shares of the company, according to a notification submitted to the Pakistan Stock Exchange (PSX). This transaction is reported in compliance with clause 5.6.4 of the Code of Corporate Governance contained within the PSX Rule book.
The transaction, which took place on November 13, 2024, involved the sale of shares at a price of 55.55 per share. The details were officially submitted to the PSX on November 19, 2024. According to information available from the Pakistan Stock Exchange (PSX), disclosures of interest by directors, CEOs, executives, and their spouses, as well as substantial shareholders, are mandatory under the regulatory framework to ensure transparency and maintain investor confidence.
The transaction by Tanveer Karamat was executed through the Central Depository Company (CDC), a common practice for share dealings in Pakistan. This disclosure is part of Avanceon Limited’s adherence to the regulatory requirements set forth by PSX, ensuring that all stakeholders are informed of significant share transactions by company insiders.