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Waves Singer to increase paid-up share capital via issue of 93.8 million shares

March 19, 2021 (MLN): The Board of Directors of Waves Singer Pakistan Limited, in its meeting held today has decided to increase the paid-up share capital of the Company via issue of further 93,802,029 ordinary shares, having a face value of Rs 10 each as Right shares.

These shares will be offered to the members in proportion of 50 Right Shares for every 100 ordinary shares held i.e. 50%, at a price of PKR 15 per Right Share (inclusive of a premium of PKR 5 per Right Share).

According to the company’s notice to PSX, the purpose of the Right Issue is to meet the capital requirements of the company by financing the purchase of new property, construction of buildings at the said property and meeting the working capital requirements of the company’s operations and activities for effectively implementing its business plan to enhance the profitability of the company and consequently, the returns to the shareholders.

The subscription amount from the Right Issue will enhance the company’s ability to smoothly and effectively implement its business plan and to make available the required liquidity in efficiently meeting its working capital requirements. Effective implementation of the business plan is expected to positively impact the profitability of the company. Which in consequence would benefit its shareholders, the company said.

Copyright Mettis Link News

Posted on: 2021-03-19T19:01:00+05:00

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