Karachi: Interloop Limited has reported a significant share transfer by Tariq Rashid Malik, an executive at the company. According to information available from the Pakistan Stock Exchange (PSX), on August 9, 2024, Malik executed a gift transfer of 200,000 shares at no cost, conducted through the Central Depository Company (CDC).

The company has announced that this transaction will be reviewed in the next board meeting to address any potential non-compliance with PSX Regulation 5.6.1(d), which mandates disclosure of such activities by directors, CEOs, executives, their spouses, and substantial shareholders.

Interloop confirmed that the holding period for the shares exceeded six months. If it had been shorter, the profits from any sale would have required the issuance of a cheque for the equivalent amount to the Securities and Exchange Commission of Pakistan (SECP), with formal notification to the PSX.

This transaction underscores the regulatory requirements for transparency and proper reporting in corporate governance within listed companies.