Pakistan’s home appliances manufacturer Waves Singer Pakistan Limited is entering the real estate sector, and has sought the approval of Securities and Exchange Commission of Pakistan (SECP) as it amends Object Clause of the MOA to add the development of Affordable Housing projects and real estate development.

The development comes as the company appoints Adnan Afaq as Chairman and Haroon Ahmed Khan as Chief Executive Officer of the company for a period of three years. The move indicates that the company is eager to capitalize on the recent initiatives and tax breaks announced by the government for the construction sector.

Furthermore, the company has decided to increase its authorized share capital from Rs2 billion to Rs3bn in this regard.

The Company for the first three months period ended March 31st, 2020, was able to achieve Net Sales of Rs2,111 million and Net Profit of Rs7 million compared to Net Sales of Rs2,544 million and Net Profit of Rs115 million achieved during the corresponding quarter last year.

This was achieved despite facing challenging business conditions due to high interest rates, sharp devaluation in exchange rate and rapid on-spread of COVID-19.