LHC sanctioned Scheme of Arrangement between WAVES, SMTM: PSX

June 22, 2022 (MLN): The honorable Lahore High Court, has sanctioned the Scheme of Arrangement between Waves Singer Pakistan Limited (PSX: WAVES) and Samin Textiles Limited (PSX: SMTM) as per which the name of Waves Singer Pakistan Limited will be changed into Waves Corporation Limited (WAVES), and Samin Textiles Limited into Waves Home Appliances Limited (WHALE).

In addition, demerger and amalgamation of home appliances business of WAVES with and into WHALE, with effect from 31 August 2021, while real estate development business and retail shop network for consumer appliances and other consumer goods, will be retained in WAVES.

Moreover, the issuance of new shares of WHALE to WAVES whereby WHALE will become a subsidiary of WAVES, and issuance of new shares of WHALE to shareholders of WAVES in the ratio of 20 shares of WHALE for every 100 shares held by shareholders of WAVES). Issuance of new shares of WHALE will take place after the consolidation of existing shares of WHALE in the ratio of 100 shares for every 225 existing shares.

The Company shall issue a separate notice of book closure for determination of entitlement to receive shares of WHALE subject to completion of necessary corporate formalities.

Furthermore, the company has applied for certified copies of the Court Order as mentioned above and will forward the same in due course of time.

At present, the scrip of WAVES is being traded at Rs13.72, up by 30 paisa or 2.24% DoD.

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