The Board of Directors (BoD) of Siemens (Pakistan) Engineering Co. Ltd (SIEM), an engineering conglomerate and provider of financial services, has approved the sale of its energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion (around $64 million).
This announcement was made by the company in a notice to the Pakistan Stock Exchange (PSX) on Monday.
According to the notice, the board approved the transaction with a majority vote in a meeting held on October 11, 2024. The sale involves transferring the company's energy business segment as a going concern to Siemens Gamesa Renewable Energy (Private) Limited, a non-affiliated entity within the Siemens Energy Group. The agreed-upon consideration for the sale is approximately Rs17.82 billion, based on a valuation date of March 31, 2024.
SIEM, which specializes in executing projects under contracts, as well as manufacturing, installing, and selling electronic and electrical capital goods, noted that the net book value of the energy business as of the valuation date was approximately Rs17.61 billion (about $63.5 million).
"The final cash proceeds from the buyer and any gain or loss on the transaction will be determined based on the net book value at the effective date (the transaction closure date) and subject to certain contractual events outlined in the agreement to be signed with the buyer," SIEM stated.
The company added that the transaction’s completion is contingent upon shareholder and regulatory approvals.
Founded as a public limited company in 1953, SIEM operates across various business segments, including power and gas, power generation services, energy management, digital factories, process industries, drives, and mobility.
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