Haseeb Waqas Sugar Mills Suspends Share Buyback and Delisting Plans Amid Share Price Surge
Haseeb Waqas Sugar Mills Limited (PSX: HWQS) has announced the suspension of its previously proposed share buyback and delisting plans, following a sharp and unexpected increase in its share price.
The decision was made during a Board of Directors meeting held on July 25, 2025, at the company’s registered office in Model Town, Lahore.
Speculative Trading Drives Price Surge
According to the company’s statement, the share price surged by over 200%, rising from approximately Rs. 10 per share—the level before the proposal was disclosed on June 26, 2025—despite the company currently having no active operations or profit-based performance.
The Board expressed concern that the price spike was largely driven by speculative trading, creating unrealistic valuations and pressure to increase the proposed buyback price.
Commitment to Transparency
The company emphasized that none of its sponsors or officers engaged in trading after the buyback proposal was made public. The Company Secretary confirmed that all related transactions were handled transparently and in compliance with regulatory standards.
The Board concluded that the recent trading activity does not reflect the company’s true financial or operational status and voted unanimously to suspend the buyback process for now, along with halting all related delisting efforts.
Plans for Operational Revival
In a separate discussion, the Board reviewed options for restarting sugar mill operations in the upcoming 2025–26 crushing season. The Chairman highlighted that efforts are underway to sell off-balance-sheet assets to raise funds. However, the asset disposal process has been delayed due to a slowdown in the real estate market.
The company remains committed to exploring strategic solutions for resuming operations and creating long-term shareholder value.
