Waves” NAAM HI KAFI HAY ‘ is a brand known as the people’s brand. It has been catering to the Pakistani market for years beginning from its iconic Deep
LAHORE: The recent acquisition of the three bankrupt publicly listed textile companies by private investors with the confirmed intention of merging their unlisted businesses into them underlines the consolidation of the trend of ‘reverse mergers’ in the country’s stock market.
The recent bourse filings by the companies show that majority stake in Ravi Textiles has been acquired jointly by the owners of Chaudhry Steel Re-Rolling Mill and BECO Steel Re-Rolling Mill for Rs30 million at a share price of Rs1.905 along with its management control.
The acquisition will allow the new owners to merge their steel business and rename it as Beco Steel, swapping over Rs3 billion worth of their assets into Ravi Textiles through the merger. They will also issue 101m shares at Rs30 per share to raise new capital.
Haroon Ahmed Khan, chief executive officer (CEO) of Waves Singer Pakistan, has bought the bankrupt Samin Textiles to turn it around into a large retail company. Photo courtesy Mettis News
LAHORE: Haroon Ahmed Khan, chief executive officer (CEO) of Waves Singer Pakistan, has bought the bankrupt Samin Textiles to turn it around into a large retail company with a strong e-commerce platform through an initial injection of Rs250 million.
According to a bourse filing, Samin Textiles, which was shut down in August 2018, has requested the Pakistan Stock Exchange (PSX) to help it get its shares unfrozen by the CDC for their transfer to Mr Khan, who also owns more than 38pc holding in WSPL, for the execution of the company’s revival plan.
Privatisation Commission holds road show for Heavy Industrial Complex
Business
February 6, 2021
ISLAMABAD: The Privatisation Commission (PC) arranged a road show in Lahore for at least 10 potential investors interested in acquiring the Heavy Electrical Complex (HEC) located in Hattar Industrial Estate, a statement given by the ministry said on Friday.
Federal Minister for Privatisation Mohammadmian Soomro, Secretary Privatisation Commission Hassan Nasir Jamy along with transition advisors attended the road show.
Interested potential investors, including M/s Jaffer Brothers, PEL, Waves Singer Pakistan, IMS / Powerworld, AVS / Tapal, Transfopower, Samira Textile, K-Electric, ATL and Designs and Engineering Systems were briefed about the HEC.
Waves shows interest in buying Heavy Electrical Complex
Business
February 2, 2021
KARACHI: Waves Singer Pakistan has expressed intention to acquire 96.6 percent shares of Heavy Electrical Complex from the government, it said on Monday.
“The board of directors of Waves Singer Pakistan Limited (WSPL) has approved submission of an expression of interest (EOI) for the acquisition of 96.6 percent shares in Heavy Electrical Complex (Private) Limited (HEC) from the Government of Pakistan by way of privatization process,” a bourse filing said.
“The EoI will be followed by a detailed due diligence process (if the company is shortlisted) and completion of other necessary formalities. The results of the due diligence shall be placed before the Board for review and discussion and to resolve/approve further course of action in respect of the transaction.”