AIRLINK 170.31 Decreased By ▼ -2.84 (-1.64%)
BOP 10.71 Increased By ▲ 0.06 (0.56%)
CNERGY 8.40 Decreased By ▼ -0.12 (-1.41%)
CPHL 102.00 Increased By ▲ 4.54 (4.66%)
FCCL 46.32 Decreased By ▼ -0.93 (-1.97%)
FFL 15.34 Decreased By ▼ -0.08 (-0.52%)
FLYNG 27.50 Decreased By ▼ -0.63 (-2.24%)
HUBC 137.80 Decreased By ▼ -1.11 (-0.8%)
HUMNL 13.00 Increased By ▲ 0.19 (1.48%)
KEL 4.45 Decreased By ▼ -0.09 (-1.98%)
KOSM 5.46 Decreased By ▼ -0.09 (-1.62%)
MLCF 61.40 Decreased By ▼ -0.86 (-1.38%)
OGDC 213.00 Decreased By ▼ -1.75 (-0.81%)
PACE 5.43 Decreased By ▼ -0.12 (-2.16%)
PAEL 47.35 Increased By ▲ 2.49 (5.55%)
PIAHCLA 18.62 Decreased By ▼ -0.08 (-0.43%)
PIBTL 10.45 Decreased By ▼ -0.29 (-2.7%)
POWER 12.42 Increased By ▲ 0.16 (1.31%)
PPL 170.98 Decreased By ▼ -2.89 (-1.66%)
PRL 36.10 Decreased By ▼ -0.12 (-0.33%)
PTC 23.29 Decreased By ▼ -0.27 (-1.15%)
SEARL 97.67 Increased By ▲ 2.36 (2.48%)
SSGC 39.70 Increased By ▲ 0.57 (1.46%)
SYM 13.78 Decreased By ▼ -0.24 (-1.71%)
TELE 7.18 Decreased By ▼ -0.05 (-0.69%)
TPLP 10.13 Decreased By ▼ -0.16 (-1.55%)
TRG 63.70 Decreased By ▼ -0.98 (-1.52%)
WAVESAPP 10.00 Decreased By ▼ -0.04 (-0.4%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.67 Decreased By ▼ -0.03 (-0.81%)
BR100 12,375 Decreased By -116.9 (-0.94%)
BR30 37,385 Decreased By -309.5 (-0.82%)
KSE100 115,556 Decreased By -632.9 (-0.54%)
KSE30 35,470 Decreased By -280.4 (-0.78%)

Siemens (Pakistan) Engineering (SIEM) announced that it is transforming one of its operational segments within the Smart Infrastructure - Electrification and Automation Business.

The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday

“This change aims to better align the business to serve the local market and its customers, thereby enhancing shareholders’ value by embedding the required flexibility in its operations,” Siemens Pakistan said.

The company said that due to the latest decision, “certain employees have voluntarily chosen to part ways with Siemens Pakistan and avail themselves of severance benefits”. In its notice, Siemens Pakistan did not specify the reduction in its number of employees.

Siemens (Pakistan) Engineering

“The estimated one-time cost of this transformation is approximately Rs556 million, which will be borne by the company,” it said, adding that the transformation will not affect any business lines of the company, “which will continue to operate as usual”.

Incorporated in Pakistan as a public limited company in 1953, Siemens Pakistan is engaged in the implementation of projects under contracts and also manufacturing, installation and sale of electronic and electrical capital goods.

SIEM’s business portfolio includes smart infrastructure, digital industries, smart grid and smart buildings, power generation and distribution as well as automation and digitization, to name a few.

Siemens AG, Germany is the major shareholder of SIEM with a stake of 74.65% in the company. This is followed by NIT and ICP holding 12.64% of SIEM’s shares.

Comments

Comments are closed.

Ardl Sep 26, 2024 04:11pm
B careful of Canadian visa scams and Luring Ads every .VISA Application fees is $185. Agent adds fees for Application. Canadian new policy is no visas for students no wok permits Except for Cleaners
thumb_up Recommended (0)