Haseeb Waqas Sugar Mills Suspends Share Buyback Plan Due to Price Surge

Haseeb Waqas Sugar Mills Limited declared on Monday its decision to suspend its share buyback program and discontinue related actions, citing a significant increase in share prices.

In a notification to the Pakistan Stock Exchange (PSX), the mills indicated that a board of directors meeting occurred on July 25.

“The Board was informed that following the release of information to the PSX, speculators exploited this information, artificially inflating the share price by over 200%.

Conversely, when the notification letter was dispatched on June 26, 2025, the price per share hovered around Rs10, with the weighted average price for the preceding three years also approximately Rs10/share,” the company communicated to the PSX.

The company asserted that the surge in share prices was purely speculative, given that the company is “not currently operational, offering no incentive for returns, which strongly suggests that this sudden price increase is solely intended to enable speculators to sell their shares back to the company at artificially inflated prices.”

The notice elaborated that the company secretary notified the Board that, post-buyback notification to the PSX, neither the sponsors nor the company’s officers engaged directly or indirectly in trading the company’s shares to ensure transaction transparency and prevent speculation gains.

“The company’s Board of Directors thoroughly examined the issue and expressed serious concerns regarding the speculation in the market following the notification to the PSX.

The Board has unanimously decided against pursuing the share buyback under these circumstances and has resolved to suspend all further activity related to it.”