WAVES HOME APPLIANCES SEES MAJOR SHARE MOVEMENTS BY WAVES CORPORATION

Karachi: Waves Home Appliances Limited has reported significant share transactions by Waves Corporation Limited, a substantial shareholder, which took place on August 30, 2024. The transactions involved 10 million shares entering and another 10 million shares exiting at differing rates, all conducted via the Central Depository Company (CDC) in the non-delivery market (NDM).

According to information available from the Pakistan Stock Exchange (PSX), Waves Corporation purchased 10 million shares at a rate of Rs. 5.81 per share and sold the same number of shares at Rs. 5.59 per share on the same day. These transactions will be reviewed in the upcoming board meeting of Waves Home Appliances, with a focus on any potential non-compliance with PSX regulations, specifically under clause 5.19.15.

Waves Home Appliances has also confirmed that the holding period for these transactions exceeds six months. If the transactions had occurred within six months, any profit realized would have been subject to a mandatory deposit with the Securities and Exchange Commission of Pakistan (SECP), as stipulated under Section 105 of the Securities Act, 2015, with notification to the PSX.

This series of transactions reflects significant trading activity by substantial shareholders and will likely prompt further scrutiny during the next board meeting to ensure all regulatory requirements and governance standards are maintained.

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