Siemens to sell assets in Karachi

KARACHI: Siemens Pakistan has approved the sale of its distribution transformer manufacturing business along with fixed assets of power transformer business, land and building in Karachi against an aggregate consideration of Rs3.2 billion. The company’s land and building is situated at Estate Avenue, Sindh Industrial Trading Estate (SITE), Karachi.
The available for sale business comprises of installation, commissioning, on-site testing, re-engineering / refurbishment, capacity enhancement, diagnosis and life assessment of locally manufactured distribution transformers, locally manufactured power transformers, auto transformers with OLTC as voltage stabilisers, rectifier transformers, furnace transformers, neutral earthing transformers, dry type transformers and reactors.
The company incurred a loss before tax of Rs97 million for the quarter ended December 31, 2013 compared to loss before tax of Rs62 million in corresponding quarter last year.