The Board of Directors of Siemens (Pakistan) Engineering Co. Ltd (SIEM) has approved the sale of its energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion.
The publicly listed company shared this development in a notice to the Pakistan Stock Exchange (PSX) on Monday. The notice read, “The board has approved with majority on October 11, 2024, the sale and transfer of the company’s energy business segment on a going concern basis to a non-affiliated Siemens Energy Group entity, Siemens Gamesa Renewable Energy (Private) Limited, for an aggregate consideration of approximately Rs17.82 billion as at the valuation date of March 31, 2024.”
The company, primarily involved in project execution under contracts and in the manufacturing, installation, and sale of electronic and electrical capital goods, also reported that the net book value of the energy business as of the valuation date was approximately Rs17.61 billion (~$63.5 million).
Established in 1953 as a public limited company, SIEM specializes in the sale of electronic and electrical capital goods alongside its project-based contract execution work.
