Karachi: Synthetic Products Enterprises Limited (SPEL) has reported an insider transaction involving Mirza Sikander Baig, an executive employee of the company. The transaction was recorded on July 9, 2024, where Baig sold 326 shares of the company at a rate of PKR 15.50 per share through the Central Depository System (CDS) in the Ready Market.

According to information available from the Pakistan Stock Exchange (PSX), the sale is part of the disclosures under section 5.6.1.(d) of PSX Regulations. The transaction details indicate that the shares were sold electronically, and the total amount involved was PKR 5,053.00.

The company has confirmed that this transaction will be reviewed in the upcoming board meeting to address any non-compliance issues as stipulated under the PSX regulations. SPEL also affirmed that the holding period for the shares was over six months. However, if it had been within six months, the profit would be required to be returned to the Securities and Exchange Commission of Pakistan (SECP) as per Section 105 of the Securities Act, 2015, with proper intimation to PSX.

This disclosure ensures that SPEL adheres to the regulatory framework designed to maintain transparency and protect investor interests in the financial markets.