KARACHI: Sazgar Engineering Works (SEWL) has signed an agreement with a renowned Chinese automobile manufacturer for the manufacture/assembly, sales and after sales service of passenger and commercial vehicles in Pakistan, a bourse filing said on Friday.
This vehicle assembly technical and cooperation with the not yet disclosed Chines automaker is in addition to an agreement earlier signed with BAIC China.
BAIC is one of the largest Chinese automakers that is set to make an entrance in Pakistan in partnership with Sazgar Engineering. The automaker is setting up a vehicle assembly facility here in Pakistan.
“The COVID-19 Pandemic has adversely affected the progress of four wheeler project, however, it is hoped that the project will be completed by the end of March 2021 and would be ready to commence trial production,” company noted in its last financial report.
Auto sector is growing consistently and has shown an overall growth of 19% during the first half of current financial year. Company’s sales volumes of three wheelers and tractor wheel rims have also shown a growth of 47 percent and 26% respectively.
Government of Pakistan is playing a significant role in providing facilitation to the businesses to recover from the negative impact of COVID-19 Pandemic and uncertain economic conditions. In this regard, various finance schemes have been introduced through the financial institutions which are giving fruitful results so far. However, more remedial measures are required to be taken by the Government for the stability of the economy.
The Company expects continuity in the growth of automobile sector in third quarter of current financial year. The commencement of vaccination for COVID-19 in the country will create healthier working environment and would also help to achieve economic stability in the country. Company is hopeful for the rise in its sales volume and profitability during the next quarter.
Sazgar is a premier manufacturer of CNG 4 Stroke Auto Rickshaw (3 Wheelers) and Automotive Wheel Rims. With manufacturing facilities based in Pakistan and a Global Dealer Network, Sazgar is leading the market in Pakistan and also exporting to international markets.
Sazgar Engineering Works Limited was incorporated on 21st September 1991 as a Private Limited Company and later converted into a Public Limited Company on the 21st of November 1994 under the Companies Ordinance of 1984. The company’s shares were listed in Pakistan’s Stock Exchanges in the September of 1996.
Sazgar’s main manufacturing facility is located on Raiwind Road in Lahore spread over an estate of 5 Acres. An additional 27 Acres has also been purchased by Sazgar at Raiwind Manga Road in Lahore to meet the future expansion needs.
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