Karachi: Chashma Sugar Mills Limited has reported a significant share purchase by Mr. Abbas Sarfaraz Khan, a Non-Executive Director of the company. The transaction, involving the acquisition of 6,500 shares at a rate of PKR 49.05 per share, occurred on the platform of the Central Depository Company (CDC) and was classified as a "Ready" market transaction.

The purchase, completed on January 3, 2024, will be reviewed in the upcoming board meeting of Chashma Sugar Mills. This review will ensure compliance with the Pakistan Stock Exchange (PSX) Regulations, particularly clause No. 5.6.1.(d), which mandates the disclosure and scrutiny of such transactions to prevent any non-compliance issues.

According to information available from the Pakistan Stock Exchange (PSX), the transaction is part of the regulatory requirements that directors, executives, or substantial shareholders must follow when dealing in shares. This includes a stipulation for a holding period of over six months. If the holding period is less than six months, any profit realized must be returned to the company via a cheque to the Securities and Exchange Commission of Pakistan (SECP), as outlined in Section 105 of the Securities Act, 2015.

This action by Mr. Khan is significant in the context of corporate governance, ensuring transparency and accountability in the dealings of company insiders.