Material Information of Waves Corporation Limited

Karachi, Waves Corporation Limited informed Pakistan Stock Exchange that pursuant to the Sanction order on May 27, 2022 by the honorable Lahore High Court, Lahore in respect of Scheme of Arrangement (the Scheme) between the company, and Waves Home Appliances Limited, formally Smin Textile Limited (WHALE).

Waves Singer Pakistan Limited has become a merged company with the acquisition of Cool Industries (Pvt) Limited by Singer Pakistan during 2017. After the approval of the Scheme of Merger by Sindh High Court, the combined company has acquired the name of Waves Singer Pakistan Limited.

Singer established its presence in the Indian sub-continent during 1877. Over the years, and after the independence of Pakistan, Singer continued its business of sewing machines in the country, but also started dealing in domestic consumer appliances, besides manufacturing and assembling light engineering products. In 1985, the Company became a public listed company.

The total numbers of shares are 281,406,088. The Earnings per share is 0.59 in 2020 which was 1.39 in 2019. The profit after taxation is 109,837,000 in 2020 which was 260,085,000 in 2019.