Islamabad: Cordoba Logistics and Ventures Limited has reported a significant transaction by the spouse of a non-executive director, in line with Pakistan Stock Exchange regulations.
On January 5, 2024, Raza Elahi, the spouse of Anum Raza, who is a non-executive director at Cordoba Logistics and Ventures Limited, purchased 5,000 shares of the company at a rate of 16.90 PKR per share. The shares were acquired in a ready form of CDC share certificates, according to a disclosure filed under clause No. 5.6.1.(d) of PSX Regulations.
This transaction falls within the category of substantial shareholder activities and is set to be presented at the upcoming board meeting. The disclosure also emphasized the alignment with regulatory requirements, stating that if the holding period of these transactions is less than six months, any profit derived must be returned to the Securities and Exchange Commission of Pakistan (SECP). This action ensures compliance with Section 105 of the Securities Act, 2015, which mandates the deposit of profits from short-term shareholding with SECP, along with intimation to PSX.
According to information available from the Pakistan Stock Exchange (PSX), such disclosures aid in maintaining transparency in the dealings of listed companies' executives and their close associates, safeguarding shareholder interests and ensuring adherence to corporate governance norms.