Karachi: An upcoming agenda item at Mari Petroleum Company Limited's board meeting will address a recent share transaction involving the spouse of an executive, which complies with transparency mandates from the Pakistan Stock Exchange (PSX). The disclosure highlights the company's adherence to corporate governance standards.

On October 11, 2024, Fahim Ahmed Kidwai, the spouse of an executive at Mari Petroleum, purchased 50 shares at a price of 399.85 each through the Central Depository Company in a transaction classified as 'Ready' market. According to information available from the Pakistan Stock Exchange (PSX), this disclosure is part of the regulatory requirements ensuring that significant shareholders and insiders report their transactions to foster transparency.

The company has confirmed that the details of this transaction will be discussed in the next board meeting, as stipulated under clause 5.6.4 of the PSX Regulations. Furthermore, Mari Petroleum assures compliance with Section 105 of the Securities Act, 2015, by declaring that if the holding period for the shares is under six months, any profit earned will be returned to the Securities and Exchange Commission of Pakistan, thus upholding strict insider trading laws.

This adherence to regulatory practices is part of Mari Petroleum’s commitment to maintain high standards of corporate governance and transparency, safeguarding stakeholder interests and ensuring market integrity.