Siemens Aktiengesellschaft (S’AG), the parent company of Siemens (Pakistan) Engineering Company Limited, has increased its stake in the Pakistani subsidiary by acquiring an additional 13.85% of the issued and paid-up capital from the National Investment Trust (NIT).Â
The transaction, executed on November 1, 2024, involved the purchase of 1,142,611 shares at a price of Rs1,516 per share, bringing Siemens AG’s cumulative shareholding in Siemens Pakistan to 88.51%.
The deal, valued at approximately Rs1.73 billion, was formalized through a Share Purchase Agreement (SPA) between Siemens AG and NIT.Â
Siemens confirmed that the transaction will be discussed at an upcoming board meeting, in compliance with Pakistan Stock Exchange (PSX) regulations.
On October 14, Siemens (Pakistan) Engineering approved the sale of its energy business on a going concern basis to a non-affiliated Siemens Energy Group Entity i.e. Siemens Gamesa Renewable Energy (Private) Limited.
Siemens Pakistan said that it sold the energy segment 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 the energy business as of the valuation date was approximately Rs 17.61 billion.
