Tri-Star Power alleges manipulation and a hostile takeover attempt in response to PSX query
Unusual Movement ReplyIn a November 6, 2026 response to the PSX’s query about unusual movement in TSPL shares, Tri-Star Power alleged that certain individuals and companies were engaging in price manipulation and attempting an unlawful hostile takeover. The company urged the exchange to stop the alleged activities and said it reserved the right to take legal action. These are allegations made by the company; the letter does not report a regulatory finding.
Key Findings
- Tri-Star Power responded to PSX letter No. PSX/Gen-1309 dated November 5, 2026, concerning unusual movement in the volume of its shares.
- The company alleged pumping and dumping, acting in concert, price manipulation, member-to-member financing, margin pricing, and artificial selling and speculation.
- The company named Crescent Star Insurance Ltd., Weavers Pakistan (Pvt) Ltd., Bawany Air Products Ltd., KM Enterprises (Pvt) Ltd., Pakistan Associated Constructions (Pvt) Ltd., and others in its allegations.
- The company asked PSX to take steps to stop the alleged unlawful activity and said it reserved the right to pursue legal action.
Market Query Details
Reason
Unusual volume movement
Query date
05/11/2026
Response date
06/11/2026
Explanation
The company alleged that certain individuals and entities were manipulating TSPL’s share price and attempting an unlawful hostile takeover, and asked PSX to stop the alleged activities.
Market Context
The response concerns PSX’s query about unusual movement in the volume of TSPL shares.
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Highlights summarize the key points from the company's official PSX filing. View the original filing for the complete details before making financial decisions.
