Dawood Lawrencepur Limited (DLL) has transferred its entire shareholding in Reon Energy Limited (REL) to Juniper International FZ LLC.

The development, which marks a significant strategic shift in the company’s renewable energy investments, was shared by DLL in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We are pleased to inform you that the company has transferred its entire shareholding in Reon Energy Limited (REL) (i.e. 102,600,000 shares constituting 100% of the issued and paid up capital of REL) to Juniper International FZ LLC on October 7, 2024,” read the notice.

The share transfer was made under the terms and conditions specified under the Share Purchase Agreement dated March 22, 2023, between the acquirer and the company.

Reon Energy is an energy company, which provides solar energy solutions, energy storage, electric vehicle charging, and digitalization of energy assets to industries.

Incorporated in Pakistan as a public listed company in 2004, DLL was established as a result of scheme of arrangement for amalgamation among Dawood Cotton Mills Limited, Dilon Limited, Burewala Textile Mills Limited and Lawrencepur Woolen & Textile Mills Limited.

The company is engaged in managing investments in its subsidiaries and associated companies. The company was also engaged in trading and marketing of renewable energy solutions particularly solar to commercial and industrial consumers.

Last month, DLL informed the proposed sale of Tenaga Generasi Limited, an independent power producer (IPP) with a 49.5MW wind power plant, to Artistic Milliners (Private) Limited will not proceed due to unmet conditions within the specified timeframe.