Lahore April 20 2022: Waves Singer Pakistan Limited (WAVES) inform that the proceeds received from the rights issue have been fully utilized, as per company filling to the exchange.
Company has raised an amount of PKR 1,407 million through issuance of Right shares. Out of this PKR 481 million has been spent on purchase of land against allocation of PKR 500 million.
An amount of PKR 519 million was utilized in construction of building which higher than the allocation of PKR 500 million mainly on account of increase in costs of steel and cement due to inflation. Company has fully utilized the allocated PKR 407 million for the purpose of working capital.
Waves Singer Pakistan Limited was incorporated in Pakistan under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) as a public company limited. The Company is principally engaged in the manufacturing and assembly of domestic consumer appliances along with retailing and trading of the same and other light engineering products.