Karachi: Dawood Lawrencepur Limited has completed a significant corporate transaction, transferring its complete stake in Reon Energy Limited to Juniper International FZ LLC, as detailed in a disclosure to the Pakistan Stock Exchange. This strategic move, effective from October 7, 2024, involves a transfer of 102.60 million shares, representing 100 percent of Reon Energy's issued and paid-up capital.

The company, a noted player in the renewable energy sector, confirmed this development following the provisions outlined in the Securities Act, 2015, and the Rule Book of Pakistan Stock Exchange. According to information available from the Pakistan Stock Exchange (PSX), the transfer agreement was initially signed on March 22, 2023, with the formal approval received from the shareholders during the Annual General Meeting held on May 29, 2024.

This transaction aligns with the terms set forth in the Share Purchase Agreement between Dawood Lawrencepur and Juniper International. The company has advised that all necessary disclosures and formal notifications have been made, ensuring transparency and compliance with regulatory requirements. The relevant trading rights entitlement certificate holders of PSX have been duly informed to reflect this significant change in ownership.

This corporate maneuver is expected to impact the operational dynamics and strategic direction of Reon Energy, as it transitions under the new ownership of Juniper International.