June 27, 2022 (MLN): The Board of Waves Singer Pakistan Limited has discussed and formulated a plan to complete all actions regarding the Scheme of Arrangement between Waves Singer Pakistan Limited and Samin Textiles Limited, in accordance with the Order of Lahore High Court (LHC).
Accordingly, it has been decided that the name of Waves Singer Pakistan Limited shall be changed into Waves Corporation Limited and Samin Textiles Limited into Waves Home Appliances Limited.
Hence, the stock symbol of the Company will be changed to “WeCorp” and the Stock symbol of Waves Home Appliances Limited will be changed to “Waves”.
Demerger and amalgamation of home appliances business of the Company with and into Waves Home Appliances Limited, 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 the Company.
Moreover, the company planned to issue 199,724,956 new ordinary shares of Waves Home Appliances Limited to the Company, whereby Waves Home Appliances Limited will become a subsidiary of the company and issuance of 56,281,240 new ordinary shares of Waves Home Appliances Limited to shareholders of the Company (in the ratio of 20 shares of Waves Home Appliances Limited for every 100 shares held by shareholders of the Company).
The issuance of new shares of Waves Home Appliances Limited will take place after the consolidation of existing shares of Waves Home Appliances Limited in the ratio of 100 shares for every 225 existing shares pursuant to the Scheme.
The Board decided that no fractional shares shall be issued under the Scheme of Arrangement. All fractions less than a single share shall be consolidated into whole shares, which shall be issued to any one of the Directors or
Company Secretary upon trust to sell such shares and to pay the proceeds realized (less expenses of sale) to a registered charitable institution.
Separate book closure notices shall be issued to the shareholders of the Company in respect of the determination of entitlement of new share of Waves Home Appliances Limited to the Company and its shareholders, in consultation with PSX, CDC and the share registrar etc., subject to completion of necessary formalities as may be required.
The Board has authorized the Chief Executive Officer (CEO) to undertake and complete any or all formalities on part of the Company that are required pursuant to the Scheme and Order of LHC. The CEO is further authorized to delegate any of his power to any person as he may deem appropriate for the purpose of the above.
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