February 17, 2022 (MLN): Waves Singer Pakistan Limited (WAVES), in an Extra general meeting (EGM), has resolved the Scheme of Arrangement between the company and Samin Textiles Limited (SMTM) as per which the home appliance business shall be demerged from the company and be amalgamated with and into SMTM, company’s filing on PSX showed on Thursday.
In consideration of this, SMTM shall allot and issue a certain number of shares to the company and its shareholders and be liable to pay certain cash consideration to the company, each as determined and calculated in accordance with the Scheme.
It has been further resolved that Mr. Haroon Ahmad Khan, Chief Executive Officer of the company, and/or Mr. Wasif Ali Rana, Company Secretary of the company, have been authorized singly /jointly on behalf of Waves Singer Pakistan Limited to take or cause to be taken any or all acts, deeds and things as may be considered necessary or appropriate for implementation of the Scheme and all actions necessary for implementation and completion of the Scheme.
Meanwhile, a special resolution has been passed to change the name of the company from “Waves Singer Pakistan Limited” to “Waves Corporation Limited”, and consequently, the name be changed in the Memorandum and Articles of Association of the company and formalities be completed in respect thereof, subject to the approval the Securities and Exchange Commission of Pakistan (“SECP') in accordance with Section 12 of the Companies Act, 2017.
