Siemens (Pakistan) Engineering (PSX: SIEM) has approved the sale and transfer of its Energy Business Segment on a going concern basis to a non-affiliated Siemens Energy Group Entity i.e. Siemens Gamesa Renewable Energy (Private) Limited, the company informed the main bourse on Wednesday.
The deal is for an aggregate consideration of approximately Rs. 17.82 billion as of the valuation date i.e. March 31, 2024.
The net book value of Energy Business as at the valuation date was approximately Rs. 17.61 billion, the filing revealed.
The determination of cash to be received from the buyer and gain/loss on the transaction is subject to computation based on net book value as of Effective Date (i.e. Transaction Closure Date) and certain other contractual subsequent events in accordance with the terms and conditions of the agreement to be executed with the buyer.
The closure of the transaction shall remain subject to Shareholders’ and other regulatory approvals.
