Siemens AG, a German multinational technology conglomerate, has acquired an additional stake in Siemens (Pakistan) Engineering (SIEM) for Rs1.7 billion (~ $6.2 million), expanding the holding in its subsidiary to nearly 89%.

On Friday, SIEM shared the development in its notice to the Pakistan Stock Exchange (PSX).

“We would like to inform you that Siemens Aktiengesellschaft, parent company of Siemens (Pakistan) Engineering Company Limited (company) having 74.65% shareholding in the company, has entered into a share purchase agreement dated November 1, 2024 with National Investment Trust Limited (NIT) for the purchase of all of the company’s shares held by NIT and funds under its management (i.e. 1,142,611 constituting approximately 13.85% of the issued and paid-up capital of the company),” read the notice.

The company informed that Siemens AG purchased 1,142,611 shares for Rs1,516 per share.

“The transaction executed between Siemens AG and NIT has resulted in an aggregate deal value of Rs1,732,198,276. The settlement of this transaction will be made in due course in compliance with the applicable laws of Pakistan,” read the notice.

Amid the strategic purchase, Siemens AG shareholding in SIEM has increased from 74.65% to 88.51%.

At the time of filing, the share price of SIEM was being traded at Rs1,464.

Last month, SIEM approved the sale of the company’s energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion (~ $64 million).

SIEM was set up as a public limited company in 1953. It sells electronic and electrical capital goods while also executing projects under contracts.

The company operates several business segments such as power and gas, power generation services, energy management, digital factory, process industries and drives, and mobility.