Millat Tractors exploring possibility of joining Hyundai – Nishat consortium

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The Board of Directors of Millat Tractors Ltd met in a meeting held today to jointly “explore the possibility of becoming a part of the joint venture consortium involved in the setting up a green filed project for assembly and sales of Hyundai Motor Company passenger and 1 ton range light commercial vehicles in Pakistan.” The information was conveyed in a notice sent to the Pakistan Stock Exchange (PSX) today.

Mr Sohail Bashir Rana,  director of the company and the CEO have been authorised to initiate the discussion with the consortium in this regard.

Millat Tractors closed at a share price of Rs 1052.78 with a positive change of Rs 50.13 today.The total traded volume of shares was  156,500.

Earlier this month, an announcement confirmed that  Hyundai, the South Korean automobile manufacturer, will team up with Mian Mansha’s Nishat Mills Limited to set up vehicle assembly plant in Pakistan.