Karachi: In a significant market move, National Foods Limited has disclosed two large share purchases by its associated company, EPICURE DMCC, on August 16, 2024. EPICURE DMCC acquired a total of 4,592,679 shares at a rate of Rs. 199.91 and an additional 100,000 shares at Rs. 200.00, all through the Central Depository Company (CDC).

According to information available from the Pakistan Stock Exchange (PSX), this transaction is reported under clause 5.6.4 of the PSX Regulations, which mandates the disclosure of significant share dealings by associated entities of listed companies. These regulations aim to ensure transparency and uphold governance standards by informing the market and shareholders of major internal transactions.

The purchases made by EPICURE DMCC will be reviewed in National Foods Limited’s next board meeting, where any potential non-compliance issues will be addressed. The company has also confirmed that the holding period for these transactions exceeds six months. Should the holding period be less than six months, any resulting profit would need to be reimbursed to the Securities and Exchange Commission of Pakistan (SECP) as per the requirements of Section 105 of the Securities Act, 2015, with a formal notification to PSX.