Haroon Ahmad Khan has made an announcement of intention to acquire more than 30% shares of Samin Textiles Limited and later entered into share purchase agreement to acquire 67.1% stake in Samin Textiles Limited from Sarmad Amin, Mehvash Amin, Jehanxed Amin and Shehla Saigol for PKR 25 million.
January 17, 2021
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Haroon Ahmad Khan has made an announcement of intention to acquire more than 30% shares of Samin Textiles Limited (KASE:SMTM) on January 18, 2021. On January 21, 2020, Samin stated that its sponsor is in process of signing an agreement with Haroon and expected to be signed shortly. Haroon Ahmad Khan entered into share purchase agreement to acquire 67.1% stake in Samin Textiles Limited from Sarmad Amin, Mehvash Amin, Jehanxed Amin and Shehla Saigol for PKR 25 million on January 22, 2021. Haroon Ahmad will acquire 17.94 million shares at price of PKR 1.393 per share from Sarmad Amin, Mehvash Amin and Shehla Saigol which holds 15.57 million shares,1.3 million shares and 1.1 million shares representing 58.2%, 4.76% and 4.1% stake in Samin respectively. The Consideration will be paid via pay order or bankers cheque. In related transaction, Haroon Ahmad Khan made a public offer to acquire 16.4% stake in Samin Textiles Limited from shareholders for PKR 6.1 million on January 22, 2021.Haroon Ahmad Khan has intent to acquire Samin together with management control along with that it want to restructure the Samin post completion and adopt new business plan which shall be financed by way of equity injection, strategic partnership, JV alliance, debt raising etc. Haroon Ahmad will also evaluate opportunities and explore all available options for the expansion that are in benefit of the Target Company, its shareholders and investors. The Target Company will continue being listed post acquisition.
Waves Home Appliances Limited is a Pakistan-based company, which is engaged in the home appliances business. The Company provides deep freezers, vizi-coolers, refrigerators, air conditioners, washing machines, microwaves, water dispenser, and more. The Company operates nationwide with a set-up of 15 warehouses in cities such as Karachi, Lahore, Gujranwala, Peshawar, Multan, and more. It has a network of approximately 1,500 dealers, 16 after-sales service centers and 509 service workshops spread nationwide. The Companyâs deep freezers and vizi-coolers are used in the frozen food and beverages industry.
Haroon Ahmad Khan has made an announcement of intention to acquire more than 30% shares of Samin Textiles Limited and later entered into share purchase agreement to acquire 67.1% stake in Samin Textiles Limited from Sarmad Amin, Mehvash Amin, Jehanxed Amin and Shehla Saigol for PKR 25 million.
WAVES HOMES APPLIANCE LIMITED 