AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The Pakistan Stock Exchange (PSX) has issued a Risk Warning Alert (RWA) against Haseeb Waqas Sugar Mills Limited (HWQS) effective October 8, 2024, due to non-compliance with specific regulatory requirements.
According to information available from the Pakistan Stock Exchange (PSX), HWQS failed to meet the compliance requirements of PSX Regulation 5.11.1.(d) by not paying the penalty imposed for previous non-compliances within the 90-day grace period provided. The notices PSX/N-882 and PSX/N-959 specified the initial non-compliance and the subsequent failure to rectify the issue by the deadline of September 30, 2024.
The Risk Warning Alert signifies that HWQS is now in a critical category where it may face suspension of trading or delisting if the issues are not resolved. The RWA is part of a broader enforcement framework designed to maintain market integrity by ensuring all listed companies adhere strictly to regulatory standards. HWQS has been granted an additional 90 days, until January 6, 2025, to address the outstanding issues, including the payment of penalties.
Should HWQS resolve the non-compliances, the RWA may be lifted. However, failure to comply by the extended deadline could lead to more severe actions, such as compulsory buy-back directives targeting the company’s sponsors and major shareholders.