Siemens (Pakistan) Engineering Co Ltd on Monday said to have terminated an agreement with the purchaser for the sale of its land in Islamabad. The company in its financials for Q2FY 2016 had notified to Pakistan Stock Exchange the sale of the full leasehold interest in all that piece and parcel of land (with buildings, constructions and appurtenances thereof) situated at Sector I-9 Islamabad.
"We hereby inform you that with effect from July 1, 2016 the Company has terminated the Agreement to Sell dated February 12, 2015 entered with the Purchaser of the said Property," said the company in a stock filing on Monday.
The termination as made because of what it claimed the purchaser's failure to make payment of purchase price in accordance with the terms and conditions of the said agreement.
"The company is evaluating its options with regard to the said agreement including but not limited to any possibility of reaching any settlement with the purchaser and/or sale of the said property to any other purchaser which will be decided by the Board of Directors of the company in due course in the best interest of the company," it said.