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Dawlance

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Dawlance
Company typePrivate
IndustryElectronics and Home Appliances
Founded1980
FounderBashir Dawood
HeadquartersKarachi, Pakistan
Area served
Pakistan
Key people
Hakan Bulgurlu, Umar Ahsan Khan
ProductsRefrigerators, Air Conditioners, Deep Freezers, Washing Machines, Vacuum Cleaners, Dishwashers, Water Dispensers, Microwave Ovens, Small Kitchen Appliances, Kitchen Hoods, Gas Hobs & Built-in Ovens
Revenue$220.6 million
OwnerKoç Holding AŞ
Number of employees
4000
ParentArçelik
Websitewww.dawlance.com.pk

Dawlance is a Pakistani home appliances brand which is a subsidiary of Turkish company Arçelik. It is based in Karachi. Founded in 1980, it was acquired by Istanbul-based Arçelik in 2016.[1]

Dawlance has three factories, two sites in Karachi and one in Hyderabad, with a total of 4,000 employees.[2] It manufactures washing machines, freezers, split air conditioner and microwave ovens.

History

Dawlance was founded in 1980 by Bashir Dawood, a member of Dawood family, as a manufacturer of refrigerators.[3] In 1988, the company expanded its product line by introducing deep freezers.[4]

In the mid-1990s, Dawlance began manufacturing air conditioners, microwave ovens, and washing machines in Pakistan.[5]

In 2015, Dawlance had revenues of $220.6 million selling product's in Pakistan and Middle East. Similarly, its EBITDA earnings amounted to $45 million. It has 37 branches in addition to 750-plus franchises across the country [6]

In November 2016, it was acquired by Arçelik for $258m, and since then function's a wholly owned brand for Arçelik.[7] The acquisition was carried out by Ardutch BV, a subsidiary of Arçelik, which purchased United Refrigeration (Private) Limited and Dawlance (Private) Limited from Bashir and Mariyam Dawood for $148 million, and Dawlance Electronics (Private) Limited from Pan Asia Equity Limited, based in the British Virgin Islands, for $94 million.[8][9]

The acquisition drew attention due to the significant increase in the value of Dawlance Electronics, which had been sold to Pan Asia Equity Limited by Bashir Dawood in 2013 for just $3.3 million.[10] The State Bank of Pakistan sought clarifications regarding the rapid appreciation in the company's value and the potential involvement of Dawood with Pan Asia Equity Limited.[11]

Following the acquisition, the State Bank of Pakistan temporarily froze Dawood's bank accounts, holding over 19 billion rupees, due to concerns under the Anti-Money Laundering Act.[12][13] Dawood's name had also appeared in the International Consortium of Investigative Journalists' "offshore leaks", which highlighted his connection to Golden Lake Ventures Group Inc in the British Virgin Islands, adding to the controversies surrounding the business transactions.[14][15]

References

  1. ^ Ali, Ahmed. "TURKISH BASED ARCELIK ACQUIRE DAWLANCE GROUP FOR $258MN". Business Recorder. Archived from the original on 2 July 2016. Retrieved 11 July 2016.
  2. ^ Khan, Aamir Shafaat. "Steady business growth in home appliances". Dawn. Retrieved 11 July 2016.
  3. ^ https://profit.pakistantoday.com.pk/2020/12/26/arcelik-joint-venture-may-bring-hitachi-household-electronics-to-pakistan/
  4. ^ https://profit.pakistantoday.com.pk/2020/12/26/arcelik-joint-venture-may-bring-hitachi-household-electronics-to-pakistan/
  5. ^ https://profit.pakistantoday.com.pk/2020/12/26/arcelik-joint-venture-may-bring-hitachi-household-electronics-to-pakistan/
  6. ^ "Turkish company to acquire Dawlance for $258 million - The Express Tribune". The Express Tribune. 2016-07-01. Retrieved 2016-10-31.
  7. ^ "Arçelik to finalise Dawlance acquisition by November 7". The Express Tribune. 2016-10-31. Retrieved 2016-10-31.
  8. ^ https://customstoday.media/dg-tanveer-briefs-nisar-khan-on-money-laundering-case-against-bashir-dawood/
  9. ^ https://www.thenews.com.pk/print/207330-FBR-recovers-Rs62-bn-evaded-tax-from-business-group
  10. ^ https://customstoday.media/dg-tanveer-briefs-nisar-khan-on-money-laundering-case-against-bashir-dawood/
  11. ^ https://customstoday.media/dg-tanveer-briefs-nisar-khan-on-money-laundering-case-against-bashir-dawood/
  12. ^ https://customstoday.media/dg-tanveer-briefs-nisar-khan-on-money-laundering-case-against-bashir-dawood/
  13. ^ https://www.thenews.com.pk/print/169029-Rs19-billion-bank-accounts-of-Bashir-Dawood-wife-frozen
  14. ^ https://customstoday.media/dg-tanveer-briefs-nisar-khan-on-money-laundering-case-against-bashir-dawood/
  15. ^ https://offshoreleaks.icij.org/nodes/82028
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