Karachi: Siemens (Pakistan) Engineering Co. Limited has disclosed a major strategic shift in its operations aimed at enhancing its service to the local market and its customer base. The company is set to transform its Electrification and Automation Business within the Smart Infrastructure sector.

This strategic realignment was announced today, as part of the company's commitment to adapt its operations to better meet market demands and increase shareholder value. According to information available from the Pakistan Stock Exchange (PSX), this decision comes with a significant restructuring of workforce and financial planning.

The initiative will see a voluntary departure of certain employees who will be availing themselves of severance benefits. The move is designed to embed greater flexibility within the company's operations without impacting other business lines, which will continue to function normally.

The financial implications of this transition are estimated to be around Rs 556 million, which will be fully absorbed by Siemens Pakistan. This one-time cost is projected to facilitate the operational adjustments without compromising the company's long-term operational capabilities.

This announcement is in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations. The TRE Certificate Holders of the Exchange have been informed of these developments accordingly.