Karachi: Cordoba Logistics and Ventures Limited (CLVL) has reported significant insider transactions involving high-ranking officers and their relatives, following an inquiry by regulators into unusual share price movements. According to information available from the Pakistan Stock Exchange (PSX), the company acknowledged receiving an official inquiry from PSX, seeking explanations for the erratic shifts in stock values, as mandated by Section 97 of the Securities Act, 2015, and PSX Regulations Clause 5.63.

In a detailed response to the PSX, dated August 6, 2024, CLVL outlined a series of share purchases by family members of the company’s top executives over the course of July 2024. These transactions included multiple high-volume purchases at escalating prices, notably by Mr. Arif Elahi and Mr. Raza Elahi, who are closely related to key personnel within the firm. These transactions began on July 3, with 87,071 shares purchased at a rate of 7.71, and escalated through July, with purchases peaking at 20.24 per share on July 19, reflecting a significant rise within the month.

Further details provided by the company indicated compliance with PSX Regulation 5.6.4, confirming that all necessary disclosures were made regarding these transactions. Additionally, CLVL stated that no other developments have occurred that could have influenced the share price, beyond the disclosed insider trading.

The company has communicated its willingness to provide any further details required by the PSX and has taken steps to ensure full transparency with market regulators, emphasizing its commitment to regulatory compliance and ethical governance practices in its operations.