Haseeb Waqas Sugar Mills Limited announced on Monday its decision not to go for buyback of shares and halt any further activity due to the price hike of shares.
The mills in a notice to the Pakistan Stock Exchange (PSX) shared that a meeting of the board of directors was held on July 25.
“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 intimation letter was sent on 26 June 2025, the price of each share was around Rs10 and weighted average price for the last 3 years was also around Rs10/ per share,“ it wrote to the bourse.
The company shared that the price hike in shares was purely speculative in the 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”.
The notice further said that the company secretary further informed the Board that after intimation to the PSX of buyback, none of the sponsors or 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 of Directors of the company deliberated on the matter at length and showed grave concern over the situation of speculation in the market after intimation to PSX.
The Board is unanimously of the view and has decided not to go for buyback of shares in these circumstances for the time being and halt any further activity in this regard.“
