Material Information of Samin Textiles Limited

Karachi, Samin Textiles Limited informed Pakistan Stock Exchange that the company have received the Court Order Number 826 of 2022 from honorable Lahore High Court, Lahore (the Court) sanctioning the Scheme of Arrangement (the Scheme) between Waves Singer Pakistan Limited (WSPL) and Samin Textiles Limited (the Company or SMTM) under section 279 to 283 and 285 of the Companies Act, 2017 (the Act). The Scheme among other things entails the following:

a) Change of name of Samin Textiles Limited into Waves Home Appliances Limited (WHALE), and Waves Singer Pakistan Limited into Waves Corporation Limited (WAVES).

b) Acquisition and amalgamation of home appliances business of WAVES with and into WHALE with effect from 31 August 2021.

c) Issuance of new shares of WHALE to WAVES whereby WHALE will become a subsidiary of WAVES and issuance of new shares of WHALE to shareholders of WAVES (in the ratio of 20 shares of WHALE for every 100 shares held by shareholders of WAVES). The Issuance of new shares will take place after consolidation of existing shares of WHALE in the ratio of 100 shares for every 225 existing shares.

The Company shall issue separate notice of book closure for consolidation of its shares and the date for issuance of shares of the Company to WAVES and its shareholders subject to completion of necessary corporate formalities. Furthermore, we have applied for certified copies of the Court Order as mentioned above and will forward the same in due course of time.

Samin Textiles Limited is a public limited company belonging to a leading industrial group based in Pakistan is offering a wide range of textile products. Samin Textiles Limited was incorporated in Pakistan on November 27, 1989 as a public limited company. The principal business of the Company is trading, import and export of textile products.

The total numbers of shares are 26,728,000. The Earnings per share is (0.07) in 2020 which was 3.41 in 20219. The Profit After Taxation in 2020 is (1,903,000) which was 91,152,000 in 2019.