Karachi: Mari Petroleum Company Limited recently disclosed a significant share transaction involving one of its executives, following strict adherence to PSX regulations and the Securities Act of 2015.

According to information available from the Pakistan Stock Exchange (PSX), Muhammad Hadi, an executive at Mari Petroleum, purchased 100 shares of the company at a rate of 430.00 per share on October 16, 2024. The shares were acquired in the form of a CDC-ready share certificate, indicating a direct credit to Hadi’s Central Depository Company account.

The transaction is set to be reviewed in the upcoming board meeting as mandated by clause 5.6.4 of the PSX Regulations. This review ensures that all internal procedures concerning the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders are rigorously followed.

Furthermore, the company confirmed the compliance with Section 105 of the Securities Act, 2015. If the holding period of the shares is less than six months, a procedure is in place for the executive to deposit a cheque equivalent to the profit earned into the Securities and Exchange Commission of Pakistan, also notifying the PSX. This safeguard is designed to prevent any potential conflict of interest and ensure transparency and fairness in the dealings of company insiders.

Mari Petroleum's proactive approach in managing and reporting such transactions reinforces the integrity of its governance structures, upholding investor confidence in its compliance practices.