Dawood Lawrencepur Limited announced that it has completed the sale of its entire shareholding in Reon Energy Limited to Juniper International FZ LLC.
This transaction involved the transfer of 102,600,000 shares, constituting 100% of Reon Energy’s issued and paid-up capital.
The company shared this information with the Pakistan Stock Exchange (PSX) through a notice on Tuesday in continuation of the material information sent to the PSX via its letter on March 22, 2023.
The deal, finalised on October 7, 2024, was conducted under the terms set forth in the Share Purchase Agreement dated March 22, 2023. The agreement and the sale were ratified by Dawood Lawrencepur’s shareholders at the Annual General Meeting held on May 29, 2024.
“In accordance with the applicable provisions of the Securities Act, 2015 and Rule Book of Pakistan Stock Exchange Limited, we are pleased to inform you that the Company has transferred its entire shareholding in Reon Energy Limited (“REL”) (i.e. 102,600,000 shares constituting 100% of the issued and paid up capital of REL) to Juniper International FZ LLC (the “Purchaser”) on October 7, 2024, as per the terms and conditions specified under the Share Purchase Agreement dated March 22, 2023, between the Acquirer and the Company, and as approved by the shareholders of the Company at the Annual General Meeting held on May 29, 2024,” read the notice.
This strategic divestment aligns with Dawood Lawrencepur’s broader operational adjustments and repositioning in the market.
