Karachi: A recent transaction involving the purchase of shares by an executive at The Searle Company Limited has been disclosed under the Pakistan Stock Exchange regulations. This transaction, executed by Moujood Ul Hassan, an executive at the company, will be scrutinized for compliance at the upcoming board meeting.
On August 15, 2024, Moujood Ul Hassan acquired 100 shares of The Searle Company at a price of PKR 57.00 per share. The shares were bought in a ready form through the Central Depository Company (CDC). According to information available from the Pakistan Stock Exchange (PSX), this transaction is in line with the requirement under clause No. 5.6.1(d) of PSX Regulations, which necessitates detailed disclosure of transactions by directors, CEOs, executives, their spouses, and substantial shareholders.
The company has confirmed that this transaction will be presented and discussed in the subsequent board meeting. The focus will be on any potential noncompliance issues as stipulated by the regulations. Additionally, The Searle Company has affirmed that if the holding period for these transactions is less than six months, any profit derived will be surrendered to the Securities and Exchange Commission of Pakistan (SECP), accompanied by a cheque for the amount, as mandated by Section 105 of the Securities Act, 2015.
The compliance measures are a testament to the stringent oversight exercised within the PSX to ensure transparency and integrity in the conduct of listed companies and their executives.