Waves Singer Pakistan Ltd to increase Authorized Share Capital from PKR 2 bln to PKR 3 bln

August 13, 2020 (MLN):  The Board of Directors of Waves Singer Pakistan Limited, in their meeting held today on 13 August 2020, have approved the increase  in Authorized  Share  Capital  of the  Company from PKR 2,000,000,000/- to  PKR 3,000,000,000/- subject to the completion of necessary corporate and regulatory formalities.

In their meeting, BoDs also approved appointment of Mr. Adnan Afaq as Chairman of the Board and Mr. Haroon Ahmad Khan as Chief Executive Officer of the Company with effect from August 11, 2020 for a term of next three (03) years.

The Board also approved the amendment in the Object Clause and other clauses of the Memorandum of Association (MOA) to add development of Affordable Housing Projects and all related Real Estate development activities in to the Principal lines of business of the Company subject to the approval of Shareholders and Securities and Exchange Commission of Pakistan "SECP" and other relevant authorities.

To obtain approval of Special Resolutions from the Shareholders with respect to above-mentioned alteration/amendments in the MOA of the Company, an Extraordinary General Meeting ("EOGM") of the Company will be held on September 09, 2020.

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