Textile manufacturer Sapphire Fibres Limited (SFL) advanced on Wednesday with acquisition of 50% shares in UCH Power (Private) Limited and UCH-II Power (Private) Limited, announcing that the transaction was being executed, including the transfer of shares in the name of SFL.
The listed company – a manufacturer of yarn, fabric and garments – shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
In July 2024, SFL entered into an agreement with UPLHC I Limited and UPLHC II Limited; both companies incorporated in United Arab Emirates (UAE), to acquire 50% shares of UCH Power (Private) Limited that is fully owned by UPLHC I Limited and UPLHC II Limited.
SFL informed that its consortium partner had signed similar agreement to acquire the remaining 50% shares of UCH Power (Private) Limited.
Similarly, SFL had also entered into an agreement with International Power UCH Holdings B.V, a company incorporated in the Netherlands, to acquire 50% shares of UCH-II Power (Private) Limited, which is fully owned by International Power UCH Holdings B.V.
SFL in its notice in July 2024 had informed that the completion of the proposed transactions contemplated in the agreements had been subject to the satisfaction of conditions stipulated in the said agreements and receipt of requisite approvals.
