Siemens Pakistan completed the sale of its Energy Business on December 31, 2024, but Rs17.82 billion was not the final cash amount received. That figure was the agreed consideration at a March 31, 2024 valuation date; Siemens Pakistan’s 2025 annual report says the purchase price was later adjusted to Rs7.041 billion using the business’s net book value at completion. The buyer is identified in the annual report as Siemens Energy Pakistan (Private) Limited, formerly Siemens Gamesa Renewable Energy (Private) Limited.
What Siemens Pakistan sold
Siemens (Pakistan) Engineering Co. Ltd. transferred its Energy Business Segment as a going concern, including the segment’s assets and relevant consenting employees. The October 2024 announcement named Siemens Gamesa Renewable Energy (Private) Limited as the buyer. The subsequent annual report identifies the buyer as Siemens Energy Pakistan (Private) Limited, formerly Siemens Gamesa Renewable Energy (Private) Limited. (October 14, 2024 disclosure; Siemens Pakistan Annual Report 2025)
The transfer did not mean every contract had already been legally assigned. The annual report says some contracts and arrangements remained pending legal transfer. Siemens Pakistan continued to manage those contracts and related receivable and payable balances on the buyer’s behalf.
Why the reported amount changed
The figures refer to different dates and accounting bases, not competing estimates of one final price.
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| Figure | What it represents |
|---|---|
| Rs17,819 million (about Rs17.82 billion) | Aggregate consideration at the March 31, 2024 valuation date, as reported in Siemens Pakistan’s 2025 annual report. |
| Rs17,612 million (about Rs17.61 billion) | Energy Business net book value at the same March 31, 2024 valuation date, as reported in the annual report. |
| Rs7,041 million (Rs7.041 billion) | Adjusted final purchase price reported as received, based on the business’s December 31, 2024 net book value. |
The company’s October 14, 2024 disclosure described the transaction as being on a “going concern basis” and gave rounded March 31 valuation-date figures of approximately Rs17.82 billion for consideration and Rs17.61 billion for net book value. It also said proceeds and any gain or loss would depend on net book value at the effective date and other contractual events. The 2025 annual report says the amount was adjusted under the local asset transfer agreement dated November 25, 2024, using the December 31 net book value. It does not give a more detailed breakdown of the adjustment, so the lower final figure should not be attributed to a particular operating or market cause. (October 2024 disclosure; Annual Report 2025)
Sale timeline and approvals
- March 10, 2023: The board gave in-principle approval to assess a sale of the energy portfolio following Siemens AG’s 2020 energy-business spin-off.
- October 11, 2024: Siemens Pakistan’s board approved the sale.
- October 14, 2024: The company disclosed the board approval and proposed transaction to the exchange.
- November 22, 2024: Shareholders approved the transfer at an extraordinary general meeting.
- December 31, 2024: Following the required regulatory approvals, the sale was completed and became effective.
- 2025 annual report: The company reported that it had received the adjusted final purchase price of Rs7,041 million.
The dates and transaction details are reported in Siemens Pakistan’s 2025 annual report and its October 14, 2024 exchange disclosure.
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How the sale affected Siemens Pakistan’s reporting
In its 2025 annual report, Siemens Pakistan classified the Energy Business as discontinued operations and represented comparative profit-and-loss figures and related notes accordingly. The independent auditor treated the transaction as a key audit matter. The listed procedures included checking board and shareholder approvals, inspecting the sale agreement, reviewing net book value at the effective date, tracing proceeds to bank statements and assessing whether the disclosures were adequate.
The report describes Smart Infrastructure and Digital Industries as the company’s continuing portfolio after the transfer. It separately notes that the board approved discontinuation of the Motor Repairs Business in September 2025; that later decision was not part of the energy-business sale.
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