Aug,, 21(E.A Report) — Saif Group has initiated the voluntary winding up process for Saif Cement Limited, as reported in the exchange filing by Saif Power Limited.
“The decision to recommend the voluntary winding up of Saif Cement Limited, an unlisted subsidiary company, has been made by the Board of Directors of Saif Power limited in the shareholders’ best interests. This recommendation is pending approval from the shareholders and will be discussed at the Extraordinary General Meeting of the Company scheduled for September 12, 2023. In the event of winding up, the proceeds from the subsidiary will be returned to the Company, which intends to utilize the received funds,” according to a statement issued by Saif Power.
In 2021, the management approved the proposal for sale of land and other assets of Saif Cement Ltd. (SCL). SCL was in the process of being sold. The proceeds from sale of assets will be used by SCL to payback to sponsors according to their investment after liquidation of SCL.
Saif Cement Limited (SCL), an unlisted entity of Saif Group, approached its sister concern Saif Power Limited (SPWL) for purchase of land. SCL is interested to buy Freehold land located at Tehsil Pahapur, Dera Ismail Khan, KP Province along with other assets of PKR1.3 billion.
Saif Cement Limited was incorporated as a Private Limited Company in Pakistan on 13th January, 2017 under the Companies Ordinance, 1984. Later on, it was converted into a Public Limited Company on 29th March, 2019. SCL is developing a state of art and highly efficient Cement Plant in the Khyber Pakhtunkhwa Province with an approximate capacity of 6,500 tons/per day or ~2.1 million of clinker.
Saif Power Limited is a listed entity of the group at PSX. After this news, stock gained PKR0.5 per share or 2.94 percent to trade at PKR17.54. The sale transaction will be completed, upon successful completion of condition envisaged in the proposed sale and purchase agreement between buyer (SCL) and seller (SPWL).
Saif Group is one of the leading industrial and services conglomerates in Pakistan. Its primary operations encompass: oil and gas exploration, power generation, textiles manufacturing, real estate development, healthcare services, information technology services, software development and environmental management. Our goal is to constantly innovate in a diverse range of business areas, providing unique products and services of the highest quality, while bringing robust value to our shareholders.
Saif Power Limited was incorporated in Pakistan on November 11, 2004 as a public limited company under the repealed Companies Ordinance, 1984 (which has now been replaced by the Companies Act, 2017) and commenced operations from April 30, 2010. The principal activities of the Company are to own, operate and maintain a combined cycle power plant having nameplate capacity of 225 MW (ISO) and sell the electricity to Central Power Purchasing Agency Guarantee Limited (CPPA-G).