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
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.”
Waves Singer Pakistan Eyeing Acquisition of Heavy Electrical Complex
Waves Singer Pakistan Limited is looking to acquire 96.6 percent shares in the Heavy Electrical Complex (HEC) by way of privatization. Its Board of Directors has decided to submit an Expression of Interest (EOI) to participate in the privatization process of the HEC that was put on the list of privatization by the government.
In November 2020, the Cabinet Committee on Privatization (CCoP) had approved the transaction structure for the divestment of 96.6 percent shares of the HEC which is a Private Limited Company under the State Engineering Corporation, Pakistan.
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