Islamabad, Jan 1: Siemens (Pakistan) Engineering (PSX: SIEM) has announced its decision to sell and transfer its Energy Business Segment to Siemens Gamesa Renewable Energy (Private) Limited, a non-affiliated entity under the Siemens Energy Group. The transaction will proceed on a going concern basis, with an aggregate consideration of approximately Rs. 17.82 billion, based on the valuation date of March 31, 2024.
The net book value of the Energy Business as of the same date was reported at Rs. 17.61 billion. The final cash amount to be received from Siemens Gamesa and any potential gain or loss from the deal will depend on the net book value as of the transaction closure date and other contractual events outlined in the agreement with the buyer.
The transaction’s completion is contingent upon shareholder and regulatory approvals, and the company will proceed with the necessary steps to finalize the deal.
