Sapphire Fibres expands power portfolio with key acquisitions in UAE, Netherlands

MG News | July 15, 2024 at 09:38 AM GMT+05:00

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July 15, 2024 (MLN): Sapphire Fibres Limited has entered into significant agreements to expand its power sector footprint as the company has partnered with UPLHC I Limited and UPLHC II Limited to acquire a 50% stake in UCH Power (Private) Limited.

UCH Power (Private) Limited is currently fully owned by the two UAE-based firms UPLHC I Limited and UPLHC II.

Simultaneously, Sapphire Fibres' consortium partner has inked a similar deal to secure the remaining 50% of shares, ensuring full control over UCH Power.

In addition, Sapphire Fibres has agreed with International Power UCH Holdings B.V., a Netherlands-incorporated company, to acquire 50% shares of UCH-II Power (Private) Limited.

The consortium partner has likewise signed an agreement to acquire the remaining 50% shares, mirroring the structure of the UCH Power acquisition.

Sapphire Fibres has committed to keeping the Pakistan Stock Exchange (PSX) informed of any material developments as these transactions progress.

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