November 11, 2021 (MLN): The management of Samin Textiles Limited (SMTM) presented to the Board of Directors a potential acquisition of the Home Appliances business from Waves Singer Pakistan Limited (WSPL) and to seek cooperation/ Joint Venture (JV) with a leading global player in the home appliances business.
In an update on the revival business plan by the management, the Board appreciated the progress achieved but also instructed that the Company can also explore further options to fast track its revival.
With regards to potential acquisition of Home Appliances Business from WSPL, the Board authorized the management to conduct necessary evaluation/recommendation of the potential acquisition as may be determined by the management of respective companies with the help of independent experts and consultants as may be required, the notice issued by the company to Exchange said.
The final terms of the potential acquisition transaction shall be subject to the approval of the Board and completion of necessary corporate, legal and regulatory formalities as the case may be. The Chief Executive Officer of the Company is also authorized to prepare and present a proposal of the potential acquisition together with a draft scheme of arrangement for the consideration of the Board, it added.
