Karachi: Aruj Industries Limited has disclosed several share transactions conducted by the spouse of a substantial shareholder, Mrs. Naseem Maqsood, and an oversight involving Mr. Maqsood Ahmed Butt, as per regulatory requirements of the Pakistan Stock Exchange (PSX).
The company responded to a letter from PSX regarding compliance with Regulation No. 5.6.1 (d), detailing the share movements by Mrs. Maqsood. According to information available from the Pakistan Stock Exchange (PSX), she conducted multiple sales transactions from August 22 to August 28, 2024, ranging in number from 1,000 to 102,162 shares, with prices per share varying from Rs. 17.91 to Rs. 20.52.
These transactions, electronically registered through the Central Depository Company (CDC), included significant sales on August 27, 2024, where 102,162 shares were sold at Rs. 18.08 each, and on August 28, 2024, with 51,754 shares sold at Rs. 18.56 each.
Additionally, the company admitted to a missed reporting of a transaction by Mr. Maqsood Ahmed Butt, another substantial shareholder, who sold 1,000 shares on August 22, 2024, at Rs. 20.50 per share. This oversight has been acknowledged, and the necessary corrective steps have been communicated to the PSX.
Aruj Industries further confirmed that the transactions exceeded a holding period of six months. In cases where transactions fall within this period, profits are to be deposited with the Securities and Exchange Commission of Pakistan (SECP), as mandated under Section 105 of the Securities Act, 2015.
The company has expressed regret for the delayed reporting and has committed to timely disclosure of all future share movements in compliance with market regulations.