Karachi, In compliance with the regulations of the Pakistan Stock Exchange Limited and the Securities Act, 2015, Saif Power Limited has communicated important developments that could reshape the structure of the organization.

During a convened Board meeting on August 17, 2023, Saif Power Limited's Board of Directors set forth a recommendation for the voluntary winding up of its unlisted subsidiary company, Saif Cement Limited. This strategic move is subject to shareholder approval and aligns with the company's ongoing efforts to streamline its business operations and optimize its corporate structure.

To further discuss and formalize this recommendation, an Extraordinary General Meeting (EOGM) for Saif Power Limited's shareholders has been scheduled for September 12, 2023, in Islamabad. During this meeting, shareholders will have the opportunity to deliberate on the proposed voluntary winding up of Saif Cement Limited and its potential implications.

In view of these developments, the company has announced the temporary closure of its Share Transfer Books from September 06, 2023, to September 12, 2023. This period will encompass both dates inclusive, facilitating the seamless conduct of the EOGM and ensuring that shareholders are given the necessary time and information to participate in the decision-making process.

The proposed voluntary winding up of Saif Cement Limited marks a significant juncture in Saif Power Limited's corporate strategy, underscoring its commitment to optimizing its subsidiary portfolio and aligning its operations with its overarching business goals. The forthcoming EOGM serves as a forum for shareholders to express their opinions and actively contribute to the company's strategic direction.