Haseeb Waqas Sugar Mills Faces Regulatory Deadline for PSX Compliance

Karachi: Haseeb Waqas Sugar Mills Limited (HWQS) is under scrutiny to meet the compliance deadline of October 07, 2024, set by the Pakistan Stock Exchange (PSX). The firm must address its failure to pay the penalty imposed by the exchange within the specified timeframe, according to a notice issued on July 10, 2024.

The issue stems from the company’s non-compliance with PSX Regulation 5.11.1.(d), a failure that was formally notified through PSX Notice No. PSX/N-659. According to information available from the Pakistan Stock Exchange (PSX), HWQS must rectify this non-compliance by the October deadline to avoid further repercussions.

Should HWQS fail to comply by the deadline, the PSX has outlined that it will take further actions under Regulation 5.11.3.(d), including the issuance of a Risk Warning Alert against the company. Additionally, if the company rectifies its current non-compliance within the stipulated timeframe, it will still remain quoted on what is currently known as the Defaulters’ Segment, pending a rename to either the ‘Non-Compliant Segment’ or ‘Winding-Up Segment.’ This status is due to another non-compliance issue, specifically the suspension of commercial production/business operations in its principal line of business for a continuous year, under PSX Regulation 5.11.1.(a).

All stakeholders, including investors and regulatory bodies, are advised to monitor the developments closely as the deadline approaches.

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