Karachi: Waves Corporation Limited has announced a series of significant transactions involving its shares by Haroon Ahmad Khan, an Executive Director of the company. According to information available from the Pakistan Stock Exchange (PSX), the transactions took place on July 3 and June 25, 2024, involving substantial volumes of buying, selling, and gifting of shares.

On July 3, Mr. Khan engaged in three different transactions: he purchased 3,095,000 shares at a rate of Rs. 7.27 per share and sold the same quantity at Rs. 7.13 per share, both through the future and normal delivery market (NDM) respectively, and gifted 1,000,000 shares. Earlier on June 25, he had bought and sold 3,100,000 shares at rates of Rs. 7.70 and Rs. 7.40 per share, respectively, through NDM.

The company has confirmed that these transactions will be discussed in the upcoming board meeting, with a focus on ensuring compliance with the PSX Regulations, specifically clause No. 5.6.1.(d). Additionally, the disclosure mentioned adherence to Section 105 of the Securities Act, 2015, stating that any profits from sales within a six-month holding period will be remitted to the Securities and Exchange Commission of Pakistan (SECP) as required.

This notification underscores the stringent regulatory framework within which corporate executives must operate, ensuring transparency and accountability in their dealings in the company's shares.