Siemens to transfer Enterprise Business from August 1, 2007

Siemens Ltd has announced that as announced recently, the Company with effect from August 01, 2007, will transfer its Enterprise Communications Division ("Enterprise Business") to a separate legal entity, Siemens Enterprise Communications Pvt Ltd, as an ongoing concern with its registered office at Mumbai.

Therefore, as of August 01, 2007, all contractual agreements, contract-related purchase orders and individual agreements otherwise agreed upon to date since the issuance of this letter but prior to August 01, 2007, (jointly referred to as the "Contractual Relationship") will be transferred to Siemens Enterprise Communications Pvt Ltd as far as the Enterprise Business is concerned.

With such transfer, Siemens Enterprise Communications Pvt Ltd assumes and the Company shall be released from all rights and obligations (including all accounts receivable and accounts payable, if applicable) of the Company in connection with the Contractual Relationship as far as the Enterprise Business is concerned.

The stock closed the day at Rs.1405.95, down by Rs.4.30 or 0.30%. The stock hit an intraday high of Rs.1416.90 and low of Rs.1398.30. The total traded quantity was 60528 compared to 2 week average of 63221.

Source : Equity Bulls

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