KARACHI: A bourse notification on Friday revealed Ghandara Nissan Limited (GHNL) talks of a potential tie-up with Alliance (Renault & Nissan) have broken down due to commercial reasons.
GHNL mentioned about proceeding further in its talks with Nissan and believed that Pakistan was an Alliance project and their purpose was to choose one partner for Renault and Nissan models in Pakistan.
In a reply to a query sent by Securities and Exchange Commission of Pakistan (SECP), raised issues over the price volatility in GHNL shares, it clarified “share price remained between Rs.173.18 to Rs. 155.38 during this period. This fluctuation (both in price as well as in volumes) co-relates with the movement in the KSE 100 and as well as the All Share Index of the PSX. Like many other scrips, this fluctuation can be attributed to the rising political uncertainty which has remained the main driver for fluctuations in most of the scrips of PSX.”
Profit reported in April, GHNL and Anhui Jianghuai Automobile Group Corp Ltd had announced an exclusive cooperation whereby assembly, import and distribution of Model X200 light commercial vehicles would be facilitated.
GHNL, already has a Technical Assistance Agreement with Nissan Motor Co. Japan and joint Venture Agreement with Nissan Diesel Co. Japan for the progressive Assembly of Passenger Cars, Light Commercial Vehicles and Heavy Duty Vehicles. GHNL’s vehicle plants are located at Port Qasim.
At the time of filing this report; GHNL shares were trading at Rs164.00, down Rs0.63 from its opening on Friday. KSE-100 index was trading at 41,626.29 points, down 163.87 points from its opening on Friday.
GHNL enjoys the repute of being the only company in Pakistan that assembles a complete range of product i.e. passengers cars, light commercial vehicles and heavy-duty trucks and buses.