KARACHI: Siemens (Pak) Engine­ering Co has announced the plan to spin-off “Healthcare business”, the company said in a stock filing on Friday.

The spin-off plan was “due to the overall Siemens AG’s global strategy of reorganising the Healthcare Business in order to meet customer and industry needs”, it added.

Siemens AG had transferred its global Healthcare business to Siemens Healthcare GmbH, a wholly owned subsidiary of Siemens AG, from May 2015.

“This would enhance the Healthcare business flexibility to meet the paradigm shift in industry and also give freedom to establish Healthcare-specific operational processes,” the company asserted.

Siemens further informed that the manner of sale would be through negotiations based on fair market value as determined by the external auditors.

The company posted the following figures of the business to be disposed off: Book value of all assets therein Rs481 million; book value of fixed assets Rs4m; Net assets value Rs68m and current market/fair value at Rs119m.

Published in Dawn, December 19th, 2015