Karachi: Tri-Star Power Ltd (TSPL) has raised allegations of price manipulation and attempts of a hostile takeover by various entities, according to a letter addressed to the Pakistan Stock Exchange (PSX). The letter, dated November 3, 2025, outlines a series of unlawful activities allegedly perpetrated by companies and individuals aiming to acquire control over TSPL.
The company has identified several entities, including M/s. Crescent Star Insurance Ltd., M/s. Weavers Pakistan (Pvt) Ltd., M/s. Bawany Air Products Ltd., and M/s. KM Enterprises (Pvt) Ltd., as participants in a scheme to manipulate TSPL’s share prices and orchestrate an illegal takeover. These activities, deemed violations of multiple Pakistani laws and regulations, have prompted TSPL to seek intervention from relevant authorities to halt these practices.
According to information available from the Pakistan Stock Exchange (PSX), TSPL contends that these companies have been involved in practices such as pumping and dumping of shares, acting in concert without proper disclosures, and engaging in margin trading and price-setting strategies. The company alleges that these tactics are designed to artificially inflate share prices and destabilize the market, thereby facilitating an unlawful takeover.
The letter further details that these entities have employed tactics such as fictitious trades and member-to-member financing arrangements to acquire TSPL shares, circumventing market regulations. Additionally, it accuses the parties of creating market panic through artificial selling and speculative trading, undermining investor confidence and violating provisions of the Securities Act, 2015.
TSPL has called on the PSX to take immediate action to cease these illegal activities and has indicated its intention to pursue legal measures to safeguard its interests and those of its shareholders. The unfolding situation at Tri-Star Power Ltd highlights the challenges faced by companies in maintaining market integrity and protecting against unauthorized corporate takeovers in the region’s designated market category.