Karachi, Mughal Iron and Steel Industries Limited has disclosed a recent share transfer made by one of its substantial shareholders. According to the details provided, Fahad Javaid, a substantial shareholder of the company, gifted 3,300,000 shares of Mughal Iron and Steel Industries Limited to an unknown recipient on May 5, 2023. The shares were transferred through CDC and were not sold in the market. In a related transaction, Rabia Fahad, the spouse of Fahad Javaid, received the same number of shares on the same date through CDC as a gift.
This transaction has been disclosed in accordance with the legal requirements of disclosure of interest by a director, CEO, or executive of a listed company and their spouses and the substantial shareholders. It is expected that such disclosures will provide transparency and promote investor confidence in the company.
Mughal Iron and Steel Industries Limited is a publicly traded company on the Pakistan Stock Exchange and is engaged in the manufacturing and sale of iron and steel products.