Haseeb Waqas Sugar Mills Limited on Monday announced the suspension of its planned buyback of shares in light of market speculation following the dissemination of information to the Pakistan Stock Exchange (PSX).
The company’s board expressed grave concern over the artificial inflation of share prices, which had surged more than 200% after the information was made public.
“The Board was apprised that after dissemination of information to PSX, speculators used this information and artificially raised the price of shares to more than 200%. Whereas when the intimation letter was sent on 26 June 2025, the price of each share was around Rs.10 and weighted average price for the last 3 years was also around Rs.10 per share. Therefore, the price hike in shares was purely speculative in nature as the Company is not in operations and there is no incentive of any return which purely shows that this abrupt rise in prices of shares is solely to benefit the speculators in the market to sell their shares at the artificially created higher prices back to the Company,” read the notice sent to the PSX.
The company secretary further informed the board that after intimation to the PSX by the company, none of the sponsors nor officers of the company directly or indirectly participated in trading of the shares of the company to make this intended transaction transparent or did not get any benefit from speculation.
The board unanimously agreed to halt any further buyback activities until further notice. Moreover, the company outlined plans to focus on future mill operations, though efforts to revive the project are hindered by slow progress in the real estate sector.
The company remains committed to improving its operations, with plans to resume in the 2025-26 season.
