Karachi: Fast Cables Limited disclosed several transactions by Muhammad Sharjeel, the company's Chief Financial Officer (CFO), involving the acquisition of company shares, according to details released on August 5 and 6, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the transactions were conducted under the guidelines stipulated by clause No. 5.6.1.(d) of PSX Regulations, which governs the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders. On August 5, Muhammad Sharjeel purchased 1,900 shares at a rate of PKR 20.90 each and an additional 1,000 shares at PKR 20.76, all through the Central Depository Company (CDC) in the ready market. The following day, he further acquired 1,000 shares at PKR 20.76, 112 shares at PKR 20.75, and 1,888 shares at the same rate of PKR 20.75, all recorded in the CDC ready market.
Fast Cables Limited confirmed that these transactions would be presented at the subsequent board meeting, with any noncompliance issues duly highlighted for consideration as required by PSX regulations. The company also noted that the holding period for these transactions is over six months. In instances where transactions occur within six months, the profit equivalent is required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act 2015, with notification to the PSX.