Siemens (Pakistan) Engineering Co. Ltd. has completed the sale and transfer of its energy business segment to Siemens Gamesa Renewable Energy (Private) Limited for Rs17.82 billion.
The transaction concluded on December 31, 2024, followed requisite approvals, as disclosed in the company’s notification to the Pakistan Stock Exchange (PSX) on Wednesday.
The sale is part of a broader spin-off strategy initiated by Siemens AG in 2020, with in-principle approval granted by the Board of Directors in March 2023. An independent fairness opinion by a global audit and consulting firm supported the decision.
The net book value of the energy business at the valuation date, March 31, 2024, stood at Rs17.61 billion, the company said.
The final transaction value and associated gains or losses will be computed based on the net book value as of the effective date, subject to contractual terms and subsequent adjustments.
The closure of the transaction shall remain subject to Shareholders’ and other regulatory approvals.
