Alan Duncan has joined the Board of the Directors of the Company as nominee Director of Vitol Dubai Limited. Alan is a former UK government minister. After studying at Oxford and Harvard, he worked first for Shell and then spent 10 years as an oil trader with Marc Rich now Glencore-. From 1992-2020 he was a member of the Parliament of UK, and was an International Development Minister 2010-14, and Foreign Minister 2016-19.
Earlier, the Board of Directors had appointed Waheed Ahmed Shaikh as CEO of the Company on 4th March 2020. Shaikh was previously Chief Operating Officer of Al-Dabbagh Group and played a pivotal role in the acquisition of the Petromin Corporation, Al-Dabbagh Group's wholly-owned entity.
Prior to joining Al-Dabbagh Group, he spent 12 years working in Shell Pakistan Limited. Shaikh holds a Master's degree in Business Administration from the University of Hawaii in the US and a Bachelors in Mechanical Engineering from the University of Engineering & Technology in Pakistan.
In the wake of COVID-19 and its unprecedented effect on global stock markets, the Securities and Exchange Commission of Pakistan in consultation with market stakeholders and market infrastructure institutions, has decided that for the April 2020 contract, a short sale in 36 specific shares of the futures market shall be subject to an uptick rule. This will ensure the provision of a required prior notice period to the market and retain liquidity in the rollover week. The uptick rule means that the shares of that relevant scrip have to be sold at a price higher than the last trade not lower. Further, to support the mutual fund industry, the maximum period of borrowing by mutual funds for redemption purposes will be extended from existing 90 days to 360 days. Moreover, the commission has allowed relaxing deposit requirements against the base minimum capital of TREC holders. The requirement to perform biometric verification at the time of opening of the account is eased and ...
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