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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.”

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