Rules 5.6.1 of Pakistan Stock Exchange (PSX) requires each listed company to give notice to SECP and PSX for all price sensitive information.
Every Listed Company shall immediately inform to the Commission (SECP) and the Exchange (PSX) all price-sensitive information relating to the business and other affairs of the listed company that may affect the share price of the company in the manner prescribed by the Exchange from time to time.
When to share
The said information needs to be communicated to the Exchange before it is intimated to any other person or it is printed in newspaper or shown in electronic media.
What information needs to be shared?
PSI (price sensitive info) may include below but this is not exhaustive list;
Significant change in the nature of business
Any significant change in the nature of business of the company due to technical, strategic, manufacturing, or marketing related changes, there is new opening of any business or closure of any existing business, either partly or fully.
Merger / Demergers
Information regarding any mergers / demergers, restructuring, joint ventures and any material contract entered into or lost.
All decisions of the Board of Directors (BOD) of the company pertains to payouts like cash dividend, bonus shares issue, right shares issue or any other entitlement including buy back of securities or voluntary delisting.
Assets sale / purchase
Purchase or sale of company’s significant assets, franchise, brand name, goodwill, royalty, financial plan, etc.
Revaluation of assets not disclosed
Any revaluation of assets which is not yet disclosed and also impairment of assets if any.
Loss / Delays of Production
There is delays or there is loss of production due to strike, fire, natural calamities, major breakdown, etc.
Changes in Borrowings
A major changes in company borrowings / loans obtained including projected gains / profits to be achieved by the company.
Issuance / redemption of Securities
Issuance of securities or their redemption or any change in the terms of already issued securities;
Change in Ownership
There is significant change in the ownership of the company;
Default in repayment of loans
Company has made any default in repayment of loans, rescheduling or restructuring of existing loans or breach of loan / borrowing agreement;
Defaulted / Delayed in markup or principal
Company has defaulted or delayed or done rescheduling or restructuring in re-payment of any markup/ profit/ interest/ rent etc., as the case may be and also defaulted in the redemption of principal amount in respect of Debt Securities issued by a Listed Company, the company needs to inform the reasons of such delays as well;
Change in Board / Chairman / CEO / Auditors
There is any change in board of directors, chairman of the company, its CEO or auditors of the company;
The company is involved in fraudulent activities or defaulted, or its director / CEO or executives has done any fraud/default, or any of its directors, CEO or executives are arrested;
Winding-up proceedings carried out against the company or any of its associates / subsidiaries;
Commercial License not renewed
License not renewed by the Commission or any other relevant authority entitled to renew the licenses are required to be intimated along with reasons;
Any Other Information
Any other information / news which can be considered PSI (price sensitive info).
Rule 5.6.1 of PSX Rules March 13, 2019