AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Sapphire Fibres Limited has signed agreements for significant acquisitions within the power sector, the company disclosed today. The textile giant has partnered with UPLHC I Limited and UPLHC II Limited, both based in the United Arab Emirates, to purchase 50% of the shares of UCH Power (Private) Limited, which is fully controlled by the two UAE firms. Similarly, Sapphire’s consortium partner has inked agreements to acquire the remaining 50% of UCH Power.
In a parallel move, Sapphire Fibres has also reached an agreement with International Power UCH Holdings B.V. of the Netherlands to acquire a 50% stake in UCH-II Power (Private) Limited. The consortium partner will acquire the remaining shares, consolidating their position in the sector.
The transactions are contingent upon fulfilling conditions outlined in the agreements and receiving necessary approvals. According to information available from the Pakistan Stock Exchange (PSX), Sapphire Fibres is committed to updating the PSX with any substantial developments related to these deals.
These strategic acquisitions are part of Sapphire Fibres’ broader strategy to diversify its investments and strengthen its presence in the energy sector. The company has assured that it will continue to inform the PSX and stakeholders as further details emerge and approvals are secured.