Following an unanticipated spike in the company’s share price, which the Board claims was caused by speculative trading, Haseeb Waqas Sugar Mills Limited (PSX: HWQS) has chosen to cease its share buyback and delisting procedure.
The Board of Directors voiced concerns during a meeting on July 25, 2025, in the company’s registered office in Model Town, Lahore, that the public announcement of the repurchase and delisting plan caused the share price to artificially rise.
The Board observed that although the company had no ongoing operations or profit-based returns, the share price increased by more than 200 percent following the disclosure, from about Rs. 10 per share (the price before the intimation on June 26, 2025).
In order to force the company to give a greater buyback price, the Board underlined that the recent price increase was “purely speculative” and the result of market players looking to sell shares at inflated prices. According to the Board, such market conduct distorts the company’s operational and financial realities and compromises transparency.
In order to verify that the transaction was carried out openly and without any insider advantages, the Company Secretary told the Board that neither the sponsors nor any of the company personnel had engaged in share trading following the buyback announcement.
The Board unanimously agreed to put a stop to any further delisting-related activity and suspend the repurchase process “for the time being.”
The Board talked separately about its mill operations’ future. With the aim of resuming sugar mill operations in the crushing season of 2025–2026, the Chairman said that efforts are being made to revitalize the project through the sale of off-balance sheet assets. Asset disposal has been impacted by the real estate market’s recession, which has caused the process to be delayed.
