LAHORE: A bourse filing on Thursday revealed Loads Limited Board of Directors have decided to allow the local manufacturing of a new auto part i.e. Alloy Wheels.
Loads Limited will become the first autopart manufacturer in Pakistan to begin manufacturing of Alloy Wheels, as they are being imported by car assemblers for their high-end vehicles, the notification read.
The company said “Loads Limited is pleased to announce that its wholly owned subsidiary, Hi-Tech Autoparts (Private) Limited, has signed an agreement with an Australian company for purchase of state-of-the-art Alloy Wheels manufacturing plant. Procurement will be completed within six months and the said project will be installed in Bin Qasim Industrial Park, Karachi.”
The financial plan is set to be finalized in an upcoming Board of Directors meeting, read the notification.
Loads Limited manufactures and sells exhaust systems, radiators, and sheet metal components for the automotive industry in Pakistan and internationally. The company was founded in 1979 and is headquartered in Karachi, Pakistan.
Its shares closed at Rs35.63, down Rs1.51 and KSE-100 index closed the day at 38,223.55, tumbling 596.10 points.
