HWQS sponsors arranging funds for working capital, season preparation

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MG News | January 09, 2024 at 04:06 PM GMT+05:00

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January 09, 2024 (MLN): The sponsors of Haseeb Waqas Sugar Mills Limited (PSX: HWQS) are in the process of arranging funds to meet the working capital requirement for the maintenance of mills, rescheduling and restructuring with financial institutions, and covering the startup costs of the upcoming crushing season through the sale of off-balance-sheet assets.

Furthermore, the company's management is optimistic and actively working towards conducting the trial during the current season.

The company disclosed this information in its progress report for December, which was issued to the local bourse today.

It is important to mention that HWQS is presently under the defaulter segment and is engaged in the manufacture and sale of refined sugar and its by-products.

Moreover, the company's share price has experienced a significant increase, currently up by 9.71% or 1 rupee for the day.

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