PSX orders buy-back for Haseeb Waqas Sugar Mills, flags DCTL, Imperial Limited over dues non-compliance

The Pakistan Stock Exchange (PSX) has issued compulsory buy-back directions to Haseeb Waqas Sugar Mills Limited, Dadabhoy Construction Technology Limited and Imperial Limited after the companies failed to clear outstanding dues, giving their sponsors 90 days, until July 20, 2026, to offer minority shareholders an exit.

In the case of Haseeb Waqas Sugar Mills Limited, the exchange said the company had not settled its outstanding obligations despite earlier warnings, including a Risk Warning Alert issued on April 20, 2026. As a result, majority shareholders have been directed to buy back shares from minority investors at a price to be determined by PSX under clause 5.14 of its regulations.

The exchange stated that upon completion of the buy-back process within the prescribed timeframe, Haseeb Waqas Sugar Mills will be delisted from the bourse. However, failure to comply with the directive or to rectify the non-compliance may result in the case being referred to the Securities and Exchange Commission of Pakistan for initiation of winding-up proceedings under the Companies Act, 2017.

Similar action has been taken against Dadabhoy Construction Technology Limited, which failed to pay its annual listing fee for two years. The company has also been given until July 20, 2026 to provide shareholders with a buy-back option.

PSX noted that DCTL has taken partial corrective steps, including holding its overdue annual general meeting and submitting audited financial statements. However, due to ongoing issues such as suspension of its core business operations and a disclaimer of opinion issued by its statutory auditor, the company remains listed in the Non-Compliant and Winding-Up Segment.

Imperial Limited has also been directed to initiate a buy-back after failing to clear its annual listing fee and SECP supervisory fee within the extended compliance period that ended on April 20, 2026.

For all three companies, the exchange said that failure by sponsors or majority shareholders to complete the buy-back within the stipulated timeframe will lead to escalation of the cases to the SECP for further regulatory action, including winding-up proceedings.

The PSX added that the buy-back mechanism is aimed at providing an exit route to minority shareholders in companies facing prolonged non-compliance, while ensuring enforcement of listing regulations.