Dawood Lawrencepur to Sell Entire Shareholding in Reon Energy Ltd

The Board of Directors of Dawood Lawrencepur Limited (PSX: DLL) has approved entering into Share Purchase Agreement (SPA) with Juniper International FZ LLC for the sale of the Company’s entire shareholding in Reon Energy Limited (REL). According to the stock filing, the SPA shall be made for 102,600,000 shares constituting 100 percent of the issued and paid-up capital of REL. The consummation of the Proposed Transactions will be subject to the approval of the members of the Company and procurement of all applicable regulatory and corporate approvals as may be required, the stock filing stated. DLL manages investment in its subsidiaries and associated companies and is engaged in the business of trading and marketing renewable energy solutions, mainly solar, to commercial and industrial consumers, along with the legacy textile business. At the time of filing, the company’s scrip at the bourse was Rs. 201.17, down 7.48 percent or Rs. 16.26 with a turnover of 600 shares on Wednesday.