Siemens Pakistan is transferring its local healthcare business to a private limited firm the multinational engineering conglomerate plans to incorporate. Also, the company has decided to cease participating in further business in the war-torn neighbouring Afghanistan from December 31 this year. Subject to requisite approvals, Siemens's Board of Directors has decided to transfer the company's healthcare business in Pakistan to yet-to-be-incorporated subsidiary at a fair market value.
"None of the directors had any interest or concern in the subject decision," said the company in a stock filing Thursday. Another decision, the company said, its Board had taken was to cease Siemens's business in Afghanistan. This, it said, was due to the withdrawal of sales right by Siemens AG for Afghanistan territory.