Three PSX Companies Face Delisting After Failing to Clear Dues
The Pakistan Stock Exchange (PSX) has directed three listed companies to initiate mandatory share buybacks after they failed to clear outstanding dues and meet regulatory requirements.
The companies include:
- Haseeb Waqas Sugar Mills Limited (PSX: HWQS)
- Dadabhoy Construction Technology Limited (PSX: DCTL)
- Imperial Limited (PSX: IML)
Mandatory Buyback for Minority Shareholders
PSX has instructed majority shareholders of these companies to buy back shares from minority investors within 90 days, with the deadline set for July 20, 2026.
The exchange will determine the buyback price to ensure a fair exit opportunity for minority shareholders.
Reasons Behind Regulatory Action
According to PSX, each company failed to comply with key financial and regulatory obligations:
- Haseeb Waqas Sugar Mills Limited (HWQS) continued to default despite prior warnings, including a Risk Warning Alert issued earlier in 2026.
- Dadabhoy Construction Technology Limited (DCTL) was penalized for not paying listing fees for two years. Although it made partial compliance efforts, concerns over operations and audits persisted.
- Imperial Limited (IML) did not clear listing and supervisory fees within the extended deadline that expired on April 20, 2026.
Possible Referral for Winding-Up
The Securities and Exchange Commission of Pakistan (SECP) may take further action if the companies fail to comply with the buyback directive.
PSX stated that non-compliance could lead to referral for winding-up proceedings, which may ultimately result in the companies being delisted.
Investor Protection Measures
The move is part of PSX’s efforts to protect investor interests and maintain market transparency by ensuring that non-compliant companies provide a clear exit route for shareholders.
