Pakistan’s leading Electronics Good Company, Waves-Singer Pakistan Ltd, has shown interest in buying 96.6% holding of Heavy Electrical Complex (Private) Limited (HEC) from Government.
According to a statement received by the Pakistan Stock Exchange (PSX) on Monday, the board of directors of Waves Singer Pakistan Limited “has agreed to provide an Expression of Interest (EOI) for the acquisition of 96.6% of HEC from the government. the privatization process “.
The statement further said that it will conduct a detailed due diligence process (if the company is shortlisted) and other necessary actions. The due diligence results should be presented to the Board of Directors for review and discussion, as well as for the dissolution / approval of other actions in relation to the transaction.
Last November, Government’s Privatization Committee (PAC) approved the structure of the deal to sell 96.6% of HEC’s shares.
Heavy Electrical Complex is located in the industrial area of Khattar, Haripur, close to the CPEC road, just 2 km from the Kot Najibullah junction on the Hazarei highway (E35).
Waves Singer Pakistan total asset size stands at PKR 17billion while its Nine months sales till Sep-2020 stood at PKR7.7 billion.
The said transaction, if successful, will improve Sales for Waves-Singer and will provide enhanced position in Electrical and Power Goods segment.
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