Sapphire Fibres Ltd And Its Partner Acquire 2 Power Companies in UAE, Netherlands

Sapphire Fibres Limited (PSX: SFL) has entered agreements to make some major acquisitions in the UAE and Netherlands. The company has entered into an agreement with UPLHC I Limited and UPLHC II Limited, both companies incorporated in the United Arab Emirates, to acquire 50 percent shares of UCH Power (Private) Limited which is fully owned by UPLHC I Limited and UPLHC II Limited, the company’s stock filing said on Monday. Its consortium partner has signed a similar agreement to acquire the remaining 50 percent shares of UCH Power (Private) Limited. Sapphire Fibres Limited has entered into an agreement with International Power UCH Holdings B.V, a company incorporated in the Netherlands, to acquire 50 percent shares of UCH-II Power (Private) Limited which is fully owned by International Power UCH Holdings B.V. Its consortium Partner has signed a similar agreement to acquire remaining 50 percent shares of UCH-II Power (Private) Limited. The completion of the proposed transactions contemplated in the agreements is subject to the satisfaction of conditions stipulated in the said agreements and the receipt of requisite approvals. The company shall keep the PSX informed in respect of material developments, if any, the filing added.