Siemens Pakistan considers selling energy portfolio to non-affiliated entity of Siemens Energy Group

By MG News | March 13, 2023 at 09:50 AM GMT+05:00

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March 13, 2023 (MLN): The board of directors of Siemens (Pakistan) Engineering (PSX: SIEM) on Friday gave the preliminary approval for the assessment of the feasibility, implications, and viability of selling the company's energy portfolio to a non-affiliated entity of Siemens Energy Group.

This proposed transaction is in line with the Spin-off of the Energy Business by Siemens AG in 2020.

However, it is still subject to various conditions including further internal and corporate approvals, the signing of definitive transaction agreements, and receipt of all applicable regulatory approvals.

The company has stated that it will disclose further information regarding the Proposed Transaction as and when it becomes available.

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