As per a stock notice, Singer Pakistan Ltd is merging with Cool Industries Ltd. Cool Industries produce home appliances in Pakistan, under brand name known as Waves.
After the merger, the company will be called Waves Singer Pakistan Ltd.
The Singer is a company listed on Pakistan stock exchange. Its focus is in retailing and trading of local user appliances, engineering products which include sewing, washing machines, generators, gas appliances, cooling products, audio and video products and motorbikes.
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As per a claim by Singer’s official the company was working in the subcontinent from 1877 and has the biggest retail network in South Asia having 750 stores.
Cool Industries developed in 1973 is a private company that produces home appliances like deep freezers, refrigerators, air conditioners, vacuum cleaners, food processors and washing machines. The manufacturing facilities of Cool industries are located in Lahore on Multan Road.
As per the notice, the board of directors of the firm has approved the draft of the Scheme of Arrangement. Now when Cool Industries will merge with and into Singer, 94 million shares will be given to Cool Industries. The merger is based on swap ratio 1.79 shares for every share of Cool Industries.
Also, Link Well Ltd (LWL) will merge into Singer. The shareholders of Link Well Ltd (LWL) will be given shares of Singer. The merger is based on 0.33 shares of Singer for each share of LWL. The retail business of Singer will merge in wholly owned subsidiary.