Three well known companies of Pakistan; Singer Pakistan, Cool Industries, Waves – Brand of Home and Appliance and Link Well limited have agreed to merge their operations and business.
As per a claim by Singer’s official, Cool industries and Link Well Ltd will merge with and into Singer; 94 million shares will be given to Cool Industries. The merger is based on swap ratio 1.79 shares for every share of Cool industries.
The shareholders of Link Well Ltd (LWL) will also be given shares of Singer. The merger is based on 0.33 shares of Singer for each share of LWL. The retail business of Singer will merge in wholly owned subsidiary.
As per the notice, the board of directors of the firm has approved the draft of the Scheme of Arrangement.
With merger of three companies, the size of the Singer Pakistan Limited will increase manifold.
Accordingly, Singer Pakistan, Cool Industries and Link Well Limited’s merger will make a new merged company, Waves Singer Pakistan, without the subsidiaries.