Waves Assembly Plant at Lahore catches fire

According to local media reports, Waves Assembly Plant at Multan Road, Lahore has caught fire and the early reports indicate an extensive damage on the plant site.

Furthermore, Singer Pakistan expected to be worst affected as the company was looking to buy a share in the Waves Company.

Singer Pakistan Limited on 27th November, 2017 had filed a material information notice informing of a merger with Cool Industries Limited which produces products under the brand name of “Waves Pakistan Limited.”

The company had also mentioned that post the merger, the company name would change to “Waves Singer Pakistan Limited.”

Cool Industries, established in 1973, is a private limited company engaged in the manufacture of home appliances, including deep freezers, refrigerators, air conditioners, vacuum cleaners, food processors and washing machines.

According to the last year’s notice, Cool Industries will merge with and into Singer against which 94 million shares will be issued to the shareholders of Cool Industries. It will be based on a swap ratio of 1.79 shares for each share of Cool Industries.

In addition to that, the company also informed that the Link Wel Ltd (LWL) will also be merged with and into Singer Pakistan. It will be based on a swap ratio of 0.33 shares of Singer for every share of LWL.

The retail business of Singer was also announced to be demerged from the company and merged with and into its wholly owned subsidiary, Electronics Marketing Company Ltd, which will issue 24.8m shares in favor of the company.

Its manufacturing facilities are located on Multan Road in Lahore.