In a significant move to expand its energy portfolio, Sapphire Fibres Limited has announced its agreements with both UPHLC I Limited and UPHLC II Limited of the United Arab Emirates, and International Power UCH Holdings B.V. of the Netherlands.
The company shared this development with the Pakistan Stock Exchange (PSX) through a notice on Monday in accordance with Sections 96 and 131 of the Securities Act, 2015 and Rule 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited.
“Sapphire Fibres Limited has entered into an agreement with UPHLC I Limited and UPHLC II Limited; both companies incorporated in the United Arab Emirates, to acquire 50% Shares of UCH Power (Private) Limited which is fully owned by UPHLC I Limited and UPHLC II Limited,” read the notice.
“Our consortium partner has signed a similar agreement to acquire the remaining 50 % shares of UCH Power (Private) Limited,” the company further said.
UCH Power (Private) Limited is currently fully owned by the two UAE-based firms UPLHC I Limited and UPLHC II.
Additionally, Sapphire Fibres Limited has entered into an agreement with International Power UCH Holdings B.V, a company incorporated in the Netherlands, to acquire 50% shares of UCH-II Power (Private) Limited which is fully owned by International Power UCH Holdings B.V.
“Our consortium Partner has signed a similar agreement to acquire the remaining 50 % shares of UCH-II Power (Private) Limited,” it added.
The completion of the proposed transactions contemplated in the agreements is subject to the satisfaction of conditions stipulated in the said agreements and the receipt of requisite approvals.
Sapphire Fibres said that it is committed to keeping the Pakistan Stock Exchange informed of any material developments related to these deals.
