Waves Home Appliances Limited Reports Major Share Transactions for Financing

Karachi, Waves Home Appliances Limited has disclosed significant share transactions by one of its substantial shareholders, Waves Corporation Limited, on June 27, 2024. The transactions, which involved the sale and repurchase of shares, were aimed at raising financing, according to the regulatory filing with the Pakistan Stock Exchange (PSX).

On June 27, 2024, Waves Corporation Limited sold 7,000,000 shares of Waves Home Appliances at a rate of 5.34 per share under the Normal Delivery Market (NDM) through the Central Depository Company (CDC). The same day, Waves Corporation Limited repurchased an equivalent number of shares at a higher rate of 5.77 per share.

According to information available from the Pakistan Stock Exchange (PSX), this strategic financial maneuver was carried out to facilitate financing needs by leveraging the company’s own shares. It is also noted that these transactions will be reviewed in the upcoming board meeting to address any potential non-compliance issues as stipulated under clause No. 5.6.1.(d) of PSX Regulations.

Waves Home Appliances Limited has assured that all details of these transactions will be thoroughly examined during the subsequent board meeting and any findings will be duly reported to the Exchange. This move is part of the company’s broader strategy to manage its financial structure efficiently while adhering to regulatory requirements.