Karachi: Fast Cables Limited has reported transactions in its shares by Saima Mian, the spouse of an executive director, according to a disclosure required under Pakistan Stock Exchange regulations. The transactions, detailed in a recent submission, occurred on August 13, 2024, and involved a total of 8,600 shares purchased at a rate of 22.6 per share.

The company confirmed that these transactions are in compliance with the Pakistan Stock Exchange's regulations under clause No. 5.6.1.(d). This clause mandates the disclosure of any interest by directors, chief executive officers, executives, their spouses, and substantial shareholders in the shares of the company. According to information available from the Pakistan Stock Exchange (PSX), all purchases were made in the ready market and recorded in the Central Depository Company (CDC) form of share certificates.

Fast Cables Limited noted that the transactions would be presented at the subsequent board meeting, where any noncompliance issues would be duly highlighted for consideration. The company also confirmed that the holding period for these transactions exceeded six months. In the event that any transactions had occurred within six months, the company was prepared to deposit a cheque equivalent to the profits with the Securities and Exchange Commission of Pakistan (SECP), as mandated under Section 105 of the Securities Act of 201S.

This adherence to regulatory requirements underlines Fast Cables Limited’s commitment to transparency and compliance with corporate governance norms.