Independent Director Sells Shares in Baba Farid Sugar Mills Limited

Karachi: Baba Farid Sugar Mills Limited has made a crucial disclosure concerning share transactions involving one of its independent directors, Malik Manzoor Hussain Hamayoon. On January 14, 2025, Hamayoon executed a sale of 1,000 shares in the company at a rate of Rs. 50 per share. The transaction involved physical share certificates and was carried out on the open market.

According to information available from the Pakistan Stock Exchange (PSX), these transactions will be reviewed during the upcoming board meeting. The review will ensure compliance with PSX regulations, specifically clause No. 5.6.1.(d), which pertains to the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders. The board will also address any non-compliance issues that may arise.

Additionally, the company has confirmed that the holding period for these transactions exceeds six months. Should any transaction fall within a six-month period, the profit equivalent will be deposited with the Securities and Exchange Commission of Pakistan (SECP) as mandated by Section 105 of the Securities Act, 2015, with notification to the PSX. This move underscores the company’s commitment to regulatory compliance and transparency in alignment with market expectations.