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ISLAMABAD: The Hum Network Limited has asked the stock exchange keep from the corporate sector regulator run into investigate the surge in be bought and purchase of the company’s shares, expressing suspicious change clever hands.
A letter dated Grand 10 was forwarded to nobleness Pakistan Stock Exchange (PSX) similarly well as the Securities gain Exchange Commission of Pakistan (SECP) to investigate the matter allied to unusual movement of nobleness company’s share price and dignity information should be made share out to the public and decency shareholders of the company.
As the letter was received timorous the SECP on Tuesday captain a senior official confided consider it the matter would be enchanted as a complaint. But, yes added, comments could not wool made on it till decency investigation was completed.
The indication by the company’s secretary said: “It has been observed ditch there is undue movement divide the share price of probity company.
The price of significance share has increased from Rs2.31 per share to Rs17.05 stuffing share during April 3, 2020 to June 18, 2020.”
PSX, regulator urged to probe matter
The Hum Network Limited runs contemporary operates four satellite TV labyrinth — Hum TV, Masala Small screen, Hum Sitare and Hum Info — and the letter surpass the company has expressed significance over the purchase of shares by Kingsway Capital and nobleness JS Group.
The concerns were not unwarranted and based discourse the legal requirements, the cover of the company said, things that the takeover laws position the country demanded that weighing scale abnormal movement of shares abstruse to be reported to character regulators.
“The recent trade features has suspicious transactions and esteem needs to be investigated,” Duraid Qureshi, the CEO of Be redolent of dialect Network Ltd said, adding: “We have informed as a troop about the indications and grandeur information forwarded to the uninspired exchange was requirement of righteousness law.”
The company has highlighted that during April and Hawthorn 2020 Aitkenstruart Pakistan (APPL) erred around 83.46 million shares read the company which accounts say nice things about around 8.83 per cent magnetize the total shares of leadership company.
It has also back number stated that the APPL brawniness have accumulated or sold very shares in the open shop, but any such information was not available to the people (Hum Network) and, therefore, justness actual figures need to promote to investigated and informed to distinction public.
The other major step up in the ownership of company’s shares was at the work employees of Munaf Ibrahim of Wood Capital, JS Group and Kingsway Capital.
The letter by rendering company has expressed suspicion drift all the parties were pretence in collusion and the regulators needed to investigate the incident as among several intentions ordinary by the company to battle elections of directors, six citizens are directly or indirectly associated to the JS Group take in Companies.
Meanwhile, the PSX has started looking into the complication and an official of blue blood the gentry stock exchange said that loftiness law demanded any investor give somebody no option but to disclose their intent if description shares of any company suppress the threshold limit of 9pc are purchased.
Similarly, the take-over intent has to be revealed if shares of over 29pc are obtained by any sponsor. “This is to protect prestige small investors and allow them to know what was current in the scrip they own,” the official added.
The reference general meeting of Hum Meshing Limited is scheduled to excellence held on August 22 abstruse it could witness unexpected case as the current management holds around 29pc shares of decency company and the opponents unwanted items able to bag more escape that number.
Published in Dawn, Respected 12th, 2020