Saif Power Board approves sale of subsidiary’s Freeland a

MG News | June 02, 2021 at 12:18 PM GMT+05:00

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June 02, 2021 (MLN): The Board of Directors of Saif Power Limited (SPWL), in its urgent meeting held on May 31, 2021, has approved the proposal to sell Saif Cement Limited (SCL)’s Freehold Land, located at Pahapur, KP Province along with other assets at a price of Rs1.3 billion.

To note, Saif Cement Limited (SCL) is a subsidiary unlisted company of SPWL.

According to the notice issued to Exchange, the proposal of SCL is subject to the approval by the shareholders of SCL, in terms of the Companies Act, 2017 and as per the notification of the Securities and Exchange Commission of Pakistan. It is also subject to approval by the shareholders of SPWL in its Extraordinary General Meeting.

The sale transaction will be completed, upon successful completion of condition(s) envisaged in the proposed sale and purchase agreement between SCL and the party (Buyer).

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