Karachi: A recent transaction in the shares of IGI Holdings Limited has caught attention, involving the acquisition of 120,299 shares by Non-Executive Director Syed Babar Ali on July 23, 2024. According to the disclosure made to the Pakistan Stock Exchange, this transaction took place at a price of PKR 127.94 per share, utilizing the Central Depository Company (CDC) method.

This transaction, which amounts to approximately PKR 15.38 million, is set to be reviewed in the forthcoming board meeting of IGI Holdings. The focus will be on any potential non-compliance issues as stipulated by the PSX Regulations, specifically clause No. 5.6.1(d). This clause mandates the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders in the securities of the listed company.

According to information available from the Pakistan Stock Exchange (PSX), this disclosure aligns with the rigorous requirements aimed at enhancing transparency and accountability among listed companies' management and substantial shareholders.

The company has confirmed that if the holding period for the purchased shares is less than six months, any resultant profit will be subject to a mandatory deposit with the Securities and Exchange Commission of Pakistan (SECP). This action would be in accordance with Section 105 of the Securities Act, 2015, ensuring compliance with the legal framework intended to prevent undue profit-taking at the expense of the company or its shareholders.

IGI Holdings has reiterated its commitment to uphold regulatory standards and to transparently report all executive-level transactions to the PSX, reinforcing trust among investors and stakeholders in the market practices of listed companies.