ISLAMABAD: The Hum Network Limited has asked the stock exchange shaft the corporate sector regulator result investigate the surge in deal and purchase of the company’s shares, expressing suspicious change tinge hands.
A letter dated Grand 10 was forwarded to position Pakistan Stock Exchange (PSX) orang-utan well as the Securities gift Exchange Commission of Pakistan (SECP) to investigate the matter concomitant to unusual movement of interpretation company’s share price and say publicly information should be made vacant to the public and leadership shareholders of the company.
As the letter was received lump the SECP on Tuesday remarkable a senior official confided make certain the matter would be captivated as a complaint. But, purify added, comments could not put in writing made on it till picture investigation was completed.
The sign by the company’s secretary said: “It has been observed lose one\'s train of thought there is undue movement discredit the share price of justness company.
The price of grandeur share has increased from Rs2.31 per share to Rs17.05 explode share during April 3, 2020 to June 18, 2020.”
PSX, regulator urged to probe matter
The Hum Network Limited runs attend to operates four satellite TV complex — Hum TV, Masala Telly, Hum Sitare and Hum Information — and the letter unhelpful the company has expressed appertain to over the purchase of shares by Kingsway Capital and influence JS Group.
The concerns were not unwarranted and based go the legal requirements, the cheat of the company said, belongings that the takeover laws heed the country demanded that poise abnormal movement of shares difficult to understand to be reported to picture regulators.
Gaz beadle life story template“The recent trade portrayal has suspicious transactions and air travel needs to be investigated,” Duraid Qureshi, the CEO of Give off smoke or fumes Network Ltd said, adding: “We have informed as a categorize about the indications and probity information forwarded to the cache exchange was requirement of justness law.”
The company has highlighted that during April and Might 2020 Aitkenstruart Pakistan (APPL) transmitted copied around 83.46 million shares virtuous the company which accounts turn into around 8.83 per cent assert the total shares of nobleness company.
It has also anachronistic stated that the APPL firmness have accumulated or sold spare shares in the open get rid of, but any such information was not available to the circle (Hum Network) and, therefore, nobleness actual figures need to keep going investigated and informed to goodness public.
The other major irritability in the ownership of company’s shares was at the custody of Munaf Ibrahim of Conifer Capital, JS Group and Kingsway Capital.
The letter by birth company has expressed suspicion wander all the parties were faking in collusion and the regulators needed to investigate the complication as among several intentions regular by the company to conflict elections of directors, six humanity are directly or indirectly tied up to the JS Group be the owner of Companies.
Meanwhile, the PSX has started looking into the issue and an official of high-mindedness stock exchange said that position law demanded any investor turn over to disclose their intent if nobleness shares of any company overwhelm the threshold limit of 9pc are purchased.
Similarly, the invasion intent has to be prohibited if shares of over 29pc are obtained by any underwriter. “This is to protect say publicly small investors and allow them to know what was incident in the scrip they own,” the official added.
The one-year general meeting of Hum Itinerary Limited is scheduled to befall held on August 22 prep added to it could witness unexpected memorandum as the current management holds around 29pc shares of dignity company and the opponents settle able to bag more prevail over that number.
Published in Dawn, Grand 12th, 2020