Karachi, July 18, 2024: Sapphire Fibres Limited (SFL), a leading textile manufacturer in Pakistan, has announced significant expansions into the power sector through strategic agreements with companies based in the UAE and Netherlands.
According to a notification to the Pakistan Stock Exchange (PSX) on Monday, SFL revealed that it has entered into pivotal agreements to acquire substantial stakes in two gas-based power plants situated in Dera Murad Jamali, Balochistan.
The agreements involve partnering with UPLHC I Limited and UPLHC II Limited, entities incorporated in the United Arab Emirates, to acquire 50% shares of UCH Power (Private) Limited. This move is aimed at bolstering SFL’s presence in the energy sector.
Simultaneously, SFL’s consortium partner has entered into a similar agreement to acquire the remaining 50% shares of UCH Power (Private) Limited, the notification further detailed.
UCH Power (Private) Limited operates a 586MW gas-based power plant in Dera Murad Jamali, Balochistan, playing a crucial role in the region’s energy supply.
Additionally, SFL has forged another agreement with International Power UCH Holdings BV, a Netherlands-based company, to acquire 50% shares of UCH-II Power (Private) Limited. This strategic move is part of SFL’s broader diversification strategy into the power generation sector.
Similarly, SFL’s consortium partner has committed to acquiring the remaining 50% shares of UCH-II Power (Private) Limited, which operates a 404MW gas-based power plant in Dera Murad Jamali, Balochistan.
SFL highlighted in its notice that the completion of these transactions is subject to specified conditions and regulatory approvals. Sapphire Fibres Limited, a subsidiary of the esteemed Sapphire Group, currently operates three production plants in Pakistan, specializing in yarn, fabric, and garment manufacturing.
Two of its facilities are located in Sheikhupura, with another in Lahore.
