Waves appliances directors, shareholder subscribe Rs516m rights shares

According to Mettis Global, Waves Home Appliances Limited (PSX: WAVESAPP) has collected Rs515.686mn from its directors and a major shareholder for 51,568,658 rights shares priced at Rs10 each. That payment equals 34.38 per cent of the entire rights issue. An auditor's certificate from Rizwan & Company, Chartered Accountants, confirms the money sits in a bank account held with Bank Makramah Limited in Y Block, Defence Housing Authority, Lahore.

The rights issue was approved by the board on July 23, 2026, and the auditors found a discrepancy in Waves Corporation Limited's shareholding figures. The CDC register shows 92,000,000 shares for that holder, while the company's own record lists 92,000,500. Using the company's record, Waves Corporation subscribed 51,520,280 rights shares against a CDC-based entitlement of 51,520,000, an excess of Rs2,800. Hamza Ahmad Khan and Nighat Haroon Khan each also paid Rs10 more than their entitlements.

The information was disseminated to the Exchange through a notification. The notice covered both the subscription receipts and the share-count discrepancy.