Karachi: Raza Elahi, an independent director of Tariq Corporation Limited, has purchased 107,371 shares of the company, according to a disclosure filed with the Pakistan Stock Exchange. The transaction, dated July 30, 2024, was executed at a rate of 12.98 per share and the shares were registered under the CDC market category, designated as 'Ready'.
The purchase by Elahi, as reported in the transaction disclosure, is in compliance with section 5.6.1.(d) of the PSX Regulations concerning trades by directors, CEOs, executives, their spouses, and substantial shareholders. According to information available from the Pakistan Stock Exchange (PSX), the acquisition of shares by Elahi will be reviewed at the upcoming board meeting of Tariq Corporation Limited. The board will assess any potential non-compliance issues related to this transaction.
The filing further notes that if the holding period for these transactions is less than six months, the profit generated from the sale of these shares must be surrendered. Specifically, a cheque equivalent to the profit is required to be deposited with the Securities and Exchange Commission of Pakistan (SECP), under Section 105 of the Securities Act, 2015, with appropriate notification to the PSX.
This regulatory adherence underscores the stringent oversight mechanisms in place to maintain transparency and fairness in the trading activities of insiders within listed companies.