Siemens (Pakistan) Engineering (SIEM) announced on Friday the approval of the discontinuation of its motor repairs business, being non-core portfolio of Siemens.
This was shared in a notice to the Pakistan Stock Exchange today.
SIEM said the decision was taken by the Board of Directors in a meeting held on September 18 in Karachi.
“This decision follows a strategic portfolio realignment by the parent company and does not have any material impact on the overall business operations of the company,” the notice to the bourse read.
The company also conveyed that the business does not fall under the legal definition of an “undertaking” or “sizeable part” of the company, per Section 183(3) of the Companies Act, 2017
SIEM was incorporated in Pakistan as a public limited company in 1953.
The principal activity of the company is the implementation of projects under contracts and also manufacturing, installation, and sale of electronic and electrical capital goods.
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