The Pakistan Stock Exchange (PSX) has directed compulsory share buybacks for Haseeb Waqas Sugar Mills Limited, Dadabhoy Construction Technology Limited (DCTL), and Imperial Limited after all three companies failed to resolve outstanding financial and regulatory dues.

Under the directive, majority shareholders of the three firms have been instructed to purchase shares from minority investors within 90 days, until July 20, 2026, at a price to be determined in accordance with PSX regulations. The move is aimed at providing an exit mechanism to minority shareholders in persistently non-compliant companies.

For Haseeb Waqas Sugar Mills, PSX noted that the company remained in default despite prior warnings, including a Risk Warning Alert issued on April 20, 2026. The exchange has indicated that failure to comply with the buyback order will result in referral to the Securities and Exchange Commission of Pakistan (SECP) for potential winding-up proceedings under the Companies Act, 2017. Successful completion of the buyback would lead to the company’s delisting.

In the case of DCTL, the company has been penalized for non-payment of annual listing fees for two consecutive years. Although it has taken partial corrective steps, including holding overdue shareholder meetings and submitting audited accounts, PSX highlighted continued concerns such as suspended core operations and an auditor’s disclaimer of opinion. The company remains placed in the Non-Compliant and Winding-Up segment.

Imperial Limited has also been instructed to initiate a buyback after failing to settle annual listing and SECP supervisory fees within the extended compliance deadline that ended on April 20, 2026.

PSX stated that if sponsors or majority shareholders fail to complete the buyback within the stipulated period, cases will be escalated to SECP for further action, including possible winding-up proceedings. The exchange added that the framework is intended to enforce discipline while safeguarding minority shareholder interests.