SSGC directors not politically affiliated
With reference to a news story published in The Express Tribune titled “SSGC director suspected of insider trading” on February 25, 2022, Sui Southern Gas Company (SSGC) has stated that none of the company’s board members have any political affiliation. The directors are, in fact, appointed by the Ministry of Energy through press advertisements and nominations, subsequently elected at the Annual General Meeting of shareholders, for a period of three years, it said. The fee of directors is fixed in accordance with the company’s Articles and Memorandum of Association. Moreover, SSGC termed baseless the claim that a director bought 200,000 shares of the company in the name of his wife “on the basis of knowledge he gained while being on the board”. It added that court proceedings and Ogra hearings were conducted before the general public, hence they are public information. In addition, Ogra’s decision would not have any significant impact on the financial bottom line of the company since the consequence of the decision is to the extent of UFG allowance on RLNG, which is less than 10% of the total gas supplies of SSGC.
Published in The Express Tribune, February 27th, 2022.
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