Karachi: Reliance Insurance Company Limited announced a significant share transaction by a substantial shareholder, Sharmeen Foods Pvt. Ltd., on July 31, 2024. This transaction involves the purchase of 56,484 shares at a rate of 10.55 per share through the Central Depository Company (CDC) in the ready market.

According to information available from the Pakistan Stock Exchange (PSX), the transaction by Sharmeen Foods, disclosed under clause No. 5.6.1(d) of PSX Regulations concerning the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders, was conducted in compliance with regulatory requirements. The company confirmed that this transaction will be reviewed in the upcoming board meeting. Any non-compliance issues identified will be addressed as mandated by the PSX Regulations.

Further disclosures include that the holding period for these transactions exceeds six months. In cases where transactions fall within a six-month period, the company assured that profits would be returned through cheques to the Securities and Exchange Commission of Pakistan (SECP), as per Section 105 of the Securities Act, 2015, with notifications sent to PSX.

This move is part of the broader compliance and transparency efforts by Reliance Insurance to maintain rigorous governance standards in its financial dealings and to uphold shareholder confidence in the integrity of its market operations.