Karachi: A recent transaction within Nestle Pakistan Limited involving a substantial shareholder has been disclosed. Syed Babar Ali, a Non-Executive Director of the company, gifted out 9,450 shares at a rate of zero, marking a significant non-monetary transaction. This disclosure aligns with the compliance requirements of the Pakistan Stock Exchange (PSX) regulations.
According to information available from the Pakistan Stock Exchange (PSX), the transaction was conducted through the Central Depository Company (CDC), and the shares were in the form of CDC certificates. The transfer took place on September 13, 2024, and was disclosed under the regulations requiring the reporting of interests by directors, CEOs, executives, their spouses, and substantial shareholders.
The board of Nestle Pakistan is set to review this transaction in its upcoming meeting. This review will include an examination of any non-compliance issues that may have arisen during the transaction process. The company has confirmed that the transaction's holding period exceeded six months. In cases where such transactions occur within a six-month period, profits are required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), a step that Nestle Pakistan confirms will be followed if applicable.
This transaction underscores the ongoing governance practices within major listed entities, ensuring transparency and regulatory compliance in corporate transactions.