Karachi: Mari Petroleum Company Limited has disclosed recent share transactions by two of its executive employees, which will be presented for review at the next board meeting, as part of compliance with regulatory standards.
The company reported that executives Muhammad Hadi and Muhammad Rashid engaged in multiple share purchases on September 9 and 10, 2024. According to the details provided, Hadi purchased 8 shares at a rate of PKR 3,650.00 per share, while Rashid bought 219 shares at PKR 3,669.00 per share on September 9, and an additional 78 shares at PKR 3,652.80 on September 10. All transactions were conducted in the ready market and registered through the Central Depository Company (CDC).
According to information available from the Pakistan Stock Exchange (PSX), these transactions are in line with clause 5.6.4 of the PSX Regulations, which necessitate the disclosure and board review of any trading activities by executive personnel. The transactions are slated for discussion in the upcoming board meeting to ensure they meet all regulatory requirements and uphold corporate governance standards.
Furthermore, Mari Petroleum confirmed adherence to Section 105 of the Securities Act, 2015, stating that if the holding period for these transactions is under six months, any profits realized would be surrendered to the Securities and Exchange Commission of Pakistan (SECP), with proper intimation to the PSX. This measure ensures compliance with the rules intended to prevent undue profit from short-term trading by insiders.
The transparency and regulatory adherence demonstrated by Mari Petroleum aim to maintain trust and integrity in its corporate and financial practices, reinforcing investor confidence in the company’s governance.