ISLAMABAD: Siemens (Pakistan) Engineering Co. Ltd. (SIEM) has announced the sale of its energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion (~$64 million). The decision was approved by the company’s Board of Directors during a meeting held on October 11, 2024.
In a notice to the Pakistan Stock Exchange (PSX) on Monday, SIEM disclosed that the transaction involves the transfer of its energy business segment to Siemens Gamesa, a non-affiliated entity of Siemens Energy Group. The net book value of the energy business was estimated at Rs17.61 billion as of March 31, 2024.
The deal, subject to shareholder and regulatory approvals, marks a significant shift for SIEM, which has been operating in Pakistan since 1953.
