Karachi: Chashma Sugar Mills Limited, a listed entity on the Pakistan Stock Exchange, reported a significant transaction involving a non-executive director, according to a disclosure mandated under PSX regulations. This transaction took place on January 3, 2024.
According to information available from the Pakistan Stock Exchange (PSX), Mr. Abbas Sarfaraz Khan, a Non-Executive Director at Chashma Sugar Mills, acquired 2,000 shares of the company at a rate of PKR 53.60 per share. These shares, purchased in the form of Central Depository Company (CDC) certificates, are part of the Ready Market category, highlighting the immediacy and straightforward nature of the transaction.
The company has confirmed that this transaction will be reviewed in the upcoming board meeting, with a particular focus on any potential non-compliance issues that might arise. This is in alignment with clause No. 5.6.1(d) of PSX Regulations, which emphasizes transparency and accountability in transactions involving directors and significant shareholders.
Furthermore, Chashma Sugar Mills assured that the holding period for these transactions exceeded six months. In cases where such transactions occur within six months, the company is prepared to deposit a cheque equivalent to the profits with the Securities and Exchange Commission of Pakistan (SECP), as stipulated by Section 105 of the Securities Act, 2015. This proactive measure ensures adherence to regulatory standards and upholds market integrity.