Waves Corporation Limited Executes Significant Share Sale

Karachi: Waves Home Appliances Limited, previously known as Samin Textiles Limited, disclosed a major transaction involving its substantial shareholder, Waves Corporation Limited. The transaction took place on July 19, 2024, where Waves Corporation sold seven million shares at a rate of PKR 10.54 per share in the ready market.

The transaction involves the sale of shares through the Central Depository Company (CDC) system. This significant activity falls under the scrutiny of clause No. 5.6.1.(d) of PSX Regulations, which mandates the disclosure of interest by directors, CEOs, executives, their spouses, and substantial shareholders.

According to information available from the Pakistan Stock Exchange (PSX), the details of this transaction will be reviewed in the upcoming board meeting of Waves Home Appliances Limited. The board will assess compliance with relevant regulations and address any non-compliance issues that might have arisen.

Further compliance measures include the confirmation that the holding period for the shares sold was over six months. If the holding period had been under six months, the profit from the sale would have been subject to a specific procedure involving the deposit of a cheque equivalent to the profit with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015.

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