Lahore: Haseeb Waqas Sugar Mills Limited has announced a temporary suspension of its share buyback initiative amid concerns over speculative trading activities. A significant rise in the company's share price, attributed to market speculation, has prompted this decision.

The decision followed a meeting of the Board of Directors held on July 25, 2025. The meeting, conducted in Lahore, focused on the buyback of shares and the voluntary delisting of the company from the Pakistan Stock Exchange (PSX). According to information available from the Pakistan Stock Exchange (PSX), the company's share price experienced a very large or significant move, exceeding a 200% increase, after the initial announcement of the buyback plan.

The board was informed that the share price, which was approximately Rs.10 prior to the announcement, surged due to speculative activities rather than operational developments within the company. The weighted average price for the past three years had also remained around Rs.10 per share. It was highlighted that the company is currently not in operations, which indicates that the price surge was a market-driven phenomenon aimed at benefiting speculators.

In response to this situation, the Board of Directors expressed concern over the speculative trading that followed the announcement to the PSX. The company clarified that neither sponsors nor officers of Haseeb Waqas Sugar Mills Limited participated in trading activities related to the shares after the buyback announcement, ensuring transparency. Consequently, the board resolved to suspend the share buyback plan temporarily and halt any related activities.

In addition to addressing the share buyback, the board discussed future plans for the company's mill operations. The chairman revealed ongoing efforts to revive the project by selling off balance sheet assets, aiming to resume mill operations in the 2025-26 season. However, the process has been slower than anticipated due to current challenges in the real estate market.

Haseeb Waqas Sugar Mills Limited operates within the designated market category of sugar production. The company's decision to halt the buyback underscores the influence of market speculation on stock prices and its impact on corporate strategies.