December 28, 2023 (MLN): Waves Home Appliances Limited (PSX: WHALE) has changed its symbol from "WHALE" to "WAVESAPP", effective from December 28, 2023, the company informed through a notice sent to the local bourse today.
Waves Home Appliances Limited is a subsidiary of Waves Corporation Limited (PSX: WAVES).
The carving out of the Appliances Business from Waves Corporation Limited was initiated about two years ago and informed to PSX vide letter dated November 11, 2021, the notice said.
The objectives of this strategy, as intimated in the said letter, were to bring more focus on the growth of the Appliances business and enter into a Strategic Alliance/JV with a global player in the Appliances Business.
This was followed by the Scheme of Demerger approved by the Honorable Court, that has now been completed and implemented.
Resultantly, the company (WAVESAPP) owns and operates the manufacturing facilities of home appliances, marketing, and sales infrastructure along with the WAVES brand name with the famous tagline "Naam He Kafi Hai ( di)".
These also include all the sale orders, contracts, licenses, certifications etc., from corporate customers like Coca Cola and others.
In order to align the company's symbol on PSX with the Appliances Business, the said symbol is changed from "WHALE" to "WAVESAPP", the notice added.
