Karachi March 22 2023: The Board of Directors of Dawood Lawrencepur Limited has approved entering into Share Purchase Agreement with Juniper International FZ LLC for the sale of the Company's entire shareholding in Reon Energy Limited (REL), according to company filing to the exchange.
Dawood Lawrencepur holds 102,600,000 shares constituting 100% of the issued and paid up capital of REL.
Share price of the company drop PKR 16.26 or 7.48 percent in today trading at Pakistan Stock Exchange.
“The consummation of the Proposed Transactions will be subject to the approval of the members of the Company and procurement of all applicable regulatory and corporate approvals as may be required” Says Company Chairman Muhammad Jawaid Iqbal.
Reon is a next generation energy company leading the transition to clean energy in the region. Company has deep expertise in solar power, energy storage across its various uses, electric vehicle charging and digitalization of energy assets leading to smart energy systems. Reon is headquartered in Karachi, Pakistan.
Dawood Lawrencepur Limited was incorporated in Pakistan in the year 2004 as a public listed company. It was formed as a result of a Scheme of Arrangement for Amalgamation in terms of the provisions of the (now repealed) Companies Ordinance, 1984 between Dawood Cotton Mills Limited (DCM), Dilon Limited (DL), Burewala Textile Mills Limited (BTM) and Lawrencepur Woollen and Textile Mills Limited (LWTM). The Company manages investment in its subsidiaries and associated companies and is engaged in the business of trading and marketing of renewable energy solutions, mainly solar, to commercial and industrial consumers, along with the legacy textile business.
