March 22, 2023 (MLN): Dawood Lawrencepur Limited (PSX: DLL) is set to sell its entire shareholding in Reon Energy Limited to Juniper International FZ LLC, the company's filing on Wednesday revealed.
The decision was approved by the company's Board of Directors, and the proposed transaction will see the sale of 102,600,000 shares constituting 100% of the issued and paid-up capital of REL.
The transaction is subject to approval by the members of DLL and regulatory and corporate authorities.
Reon Energy Limited is a leading provider of solar energy solutions in Pakistan and is a subsidiary of Dawood Lawrencepur Limited. The company designs, installs, and maintains solar power systems for commercial and industrial clients.
The sale of its entire shareholding in REL is a strategic move by DLL to streamline its operations and focus on its core textile business.
Juniper International FZ LLC, a Dubai-based company with interests in various sectors, including energy, will acquire the shares in REL.
The proposed transaction is expected to strengthen the company's portfolio in the renewable energy sector, particularly in Pakistan, where the demand for solar energy solutions has been increasing in recent years.
