Siemens (Pakistan) Engineering Company Limited (PSX: SIEM) intends to sell its energy portfolio to a non-affiliated entity of Siemens Energy Group.
In a stock filing to the Pakistan Stock Exchange (PSX), the company said, “the board of directors of Siemens (Pakistan) Engineering Co. Limited (Company) has approved, in principle, that the Company assess the feasibility/implications/viability of a sale of the Company’s energy portfolio to a separate non-affiliated Siemens Energy Group entity (Proposed Transaction) following the Spin-off of the Energy Business by Siemens AG in 2020”.
The filing added, “The Proposed Transaction shall remain subject to (i) further internal and corporate approvals, the (ii) signing of definitive transaction agreements, and the (iii) receipt of all applicable regulatory approvals”.
SIEM deals with the execution of projects under contracts and in the manufacturing, installation, and sale of electronic and electrical capital goods. At the time of filing, the company’s scrip at the bourse was Rs. 625, up 0.32 percent or Rs. 2.91 with a turnover of 650 shares on Monday.