HWQS Secures Funding for Working Capital, Seasonal Prep Through Sponsorship

Haseeb Waqas Sugar Mills Limited (PSX: HWQS) has successfully secured sponsorship to address crucial financial needs, aiming to bolster working capital for mill maintenance, facilitate rescheduling and restructuring with financial institutions, and cover startup expenses for the impending crushing season. This funding initiative is being fueled by the strategic sale of off-balance-sheet assets by the company's sponsors.

In its December progress report shared with the local bourse today, HWQS unveiled plans that showcase the company's proactive stance in managing its operations. Notably, the management is actively steering efforts to conduct trial activities during the ongoing season, demonstrating confidence in the organization's capabilities.

It's worth noting that HWQS currently resides in the defaulter segment while specializing in the production and sale of refined sugar and associated by-products. Despite this, the company's share price has witnessed a noteworthy surge, marking a 9.71% increase or a gain of 1 rupee for the day.