Waves Singer Limited, an electrical and home appliances maker, plans to enter the real estate and construction sector to diversify its scope of businesses through cashing in on the incentives of the government.
According to the stock filing, the board of directors of Waves and Singer Limited has sought approval from the regulatory authority, Securities and Exchange Commission of Pakistan (SECP).
The board made an amendment in the clauses of Memorandum of Association adding development of affordable housing projects and all real estate development activities into the principal lines of the company’s business.
In this regard, the board has decided to increase the authorized share capital of the company from Rs. 2 billion to Rs. 3 billion in order to meet the requirement of the article of association of the company and other regulatory conditions.
Waves and Singer merged their business in 2018 in order to streamline their business through synergized marketing, manufacturing, and after-sales services.
The company recorded a sharp growth of profit of the first quarter of 2020 due to Covid-19 and its related impact on the economy which declined to Rs. 7 million from Rs. 115 million reported in Q1 2019.
Recently, Waves Singer Limited elected Adnan Afaq as the chairman and Haroon Ahmed Khan as the CEO for a period of three years, according to the announcement made through stock filing.