Blue Director Conducts Share Transaction Under Regulatory Compliance

Business & Finance

Islamabad: The Pakistan Stock Exchange (PSX) recently reported a regulatory-compliant transaction involving a director of the listed company Blue. The transaction involved the purchase of shares by the director, Safina Danish Elahi, on July 8, 2024.

According to information available from the Pakistan Stock Exchange (PSX), Safina Danish Elahi acquired one share of Blue at a price of 19.70 in the form of CDC certificates, which are standard for share transactions in the regulated market. The PSX mandates that such transactions must be disclosed under clause 5.6.4 of its regulations, which pertain to directors, CEOs, executives, their spouses, and substantial shareholders.

The transaction is set to be reviewed at Blue's upcoming board meeting. This review will ensure that all transactions are highlighted and assessed for compliance with PSX regulations, specifically clause No. 5.6.1(d). This clause requires the board to review and confirm transactions to the Exchange, particularly focusing on any potential non-compliance issues.

Furthermore, the company confirmed that the holding period for this transaction exceeds six months. Should this period have been less than six months, the regulations require that a cheque equivalent to the profit gained from the transaction must be deposited with the Securities and Exchange Commission of Pakistan (SECP). This is to ensure adherence to Section 105 of the Securities Act, 2015, which aims to prevent short-term speculative trading by insiders.