Siemens AG sells energy business to Siemens Gamesa for Rs17.82bn

MG News | October 14, 2024 at 09:43 AM GMT+05:00

0:00

October 14, 2024 (MLN): Siemens AG’s Board of Directors has approved the sale of its Energy Business segment to Siemens Gamesa Renewable Energy (Private) Limited for Rs17.82 billion, the company's filing on PSX revealed today.

This move follows an in-principle decision made on March 10, 2023, with the final valuation on March 31, 2024.

The Energy Business, with a net book value of approximately Rs17.61bn, will be transferred as a going concern to Siemens Gamesa.

An independent fairness opinion provided by a global audit and consulting firm supported the decision, which was finalized in the Board's meeting on October 11, 2024.

The final amount to be received, along with any gain or loss from the sale, will be determined at the closure date, considering the net book value at that time and specific contractual provisions.

The completion of the transaction is pending necessary shareholder and regulatory approvals.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	158,369.62 348.02M	-1.08% -1731.41
ALLSHR	96,494.89 835.92M	-1.06% -1030.65
KSE30	48,272.14 143.65M	-1.20% -587.27
KMI30	228,608.58 100.18M	-1.54% -3580.30
KMIALLSHR	63,177.36 387.09M	-1.22% -781.43
BKTi	44,633.31 51.78M	-0.70% -314.73
OGTi	31,183.07 11.27M	-1.14% -358.06

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	113,045.00	113,775.00 112,135.00	-700.00 -0.62%
BRENT CRUDE	64.59	64.79 63.92	0.19 0.30%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-0.55 -0.68%
ROTTERDAM COAL MONTHLY	92.50	0.00 0.00	-0.20 -0.22%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	60.30	60.52 59.70	0.15 0.25%
SUGAR #11 WORLD	14.37	14.45 14.35	0.00 0.00%