Karachi: Pakistan Petroleum Limited (PPL) has announced a closed period starting from 12th September 2024, as the Board of Directors prepares to meet on 20th September 2024 to review the financial statements for the year ended 30th June 2024.
The company stated that during this period, which extends until the announcement of the financial results, trading of shares by directors and senior executives will be prohibited. This is in compliance with regulatory standards designed to prevent insider trading during sensitive financial periods. The prohibition affects all company executives, including the CEO, COO, CFO, head of internal audit, and company secretary, as well as other executives as defined by the Board's annual threshold.
According to information available from the Pakistan Stock Exchange (PSX), the decision enforces a mandatory trading blackout for all key insiders, ensuring that no transactions are conducted based on unreleased financial data. This policy is part of PPL’s corporate governance framework, aiming to maintain transparency and fairness in the trading of its shares during periods of significant financial disclosures.
The meeting of the Board of Directors is scheduled to review both unconsolidated and consolidated financial statements of the company for the recently ended fiscal year. The outcomes of this meeting are keenly anticipated by investors, as they often influence the company's stock performance on the PSX.