Siemens (Pakistan) Engineering (SIEM) announced that it is transforming one of its operational segments within the Smart Infrastructure – Electrification and Automation Business.
The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday
“This change aims to better align the business to serve the local market and its customers, thereby enhancing shareholders’ value by embedding the required flexibility in its operations,” Siemens Pakistan said.
The company said that due to the latest decision, “certain employees have voluntarily chosen to part ways with Siemens Pakistan and avail themselves of severance benefits”. In its notice, Siemens Pakistan did not specify the reduction in its number of employees.
Siemens (Pakistan) Engineering
“The estimated one-time cost of this transformation is approximately Rs556 million, which will be borne by the company,” it said, adding that the transformation will not affect any business lines of the company, “which will continue to operate as usual”.
Incorporated in Pakistan as a public limited company in 1953, Siemens Pakistan is engaged in the implementation of projects under contracts and also manufacturing, installation and sale of electronic and electrical capital goods.
SIEM’s business portfolio includes smart infrastructure, digital industries, smart grid and smart buildings, power generation and distribution as well as automation and digitization, to name a few.
Siemens AG, Germany is the major shareholder of SIEM with a stake of 74.65% in the company. This is followed by NIT and ICP holding 12.64% of SIEM’s shares.
Source: Brecorder
