Karachi March 12 2023: The board of directors of Siemens (Pakistan) Engineering Co. Limited (Company) has approved, in
principle, that the Company assess the feasibility I implications I viability of a sale of the Company’s energy portfolio to a separate non-affiliated Siemens Energy Group entity.
The discussion and deliberation by the Board of Directors of the Company held in the meeting on Friday, March 10, 2023, at 5:00 p.m. Karachi, Pakistan.
The (Proposed Transaction) will be done following the Spin-off of the Energy Business by Siemens AG in 2020.
The Proposed Transaction shall remain subject to (i) further internal and corporate approvals, the (ii) signing of definitive transaction agreements and the (iii) receipt of all applicable regulatory approvals.
Further information concerning the Proposed Transaction shall be disclosed as and when such information becomes available.
