A massive fire broke out in the production unit of the Waves Factory in Lahore on Friday, causing a loss of millions of rupees.
As reported in the media, the fire broke out at Waves’ production facility – Cools Industries Private Limited – located on Multan Road, Lahore, which is an associated company of Singer Pakistan.
According to the recent stock filing, it was reported that the fire started at the dispatch area and caused damage to the finished goods under dispatch along with some of the production facility and related building area.
The fire was caused by a short circuit, according to the initial assessment.
It was reported that there was no loss of life and most of the appliance production area remained safe. The assets that were damaged by fire were adequately insured and a survey of the accurate extent of the damage is being carried out by the company.
According to the company, the production of the refrigerators is expected to resume in a few weeks time while that of deep freezers is expected to resume earlier. The supplies to the market are not expected to be substantially affected.
Production facilities of air-conditioners, microwave ovens and washing machines remained unaffected and are continuing un-interruptedly.
Waves owns over 70% of the local market share for Deep Freezers and also has a decent market share for other products like Refrigerators, Air Conditioners, Microwaves and Washing Machines.