Hyundai Nishat Motor ground-breaking ceremony set for 20th December

LAHORE: In a bourse filing Friday, Nishat Mills Limited announced the ground-breaking ceremony of Hyundai Nishat Motor (Private) Limited (HNMPL), 20 December 2017, at M-3, Industrial City, Sahianwala, FIEDMC, Faisalabad.

Also, Nishat Mills Limited new spinning unit comprising 49,536 spindles installed at M-3 Industrial City, Sahianwala, FIEDMC, Faisalabad will start its commercial production with effect from 20^th December, read the notification.

Earlier, a report was published regarding which cars are Hyundai-Nishat would be launching and a detailed assessment in this regard was carried out.

In March, it was reported Nishat Mills had decided to enter into a shareholder agreement with Sojitz Corporation of Japan (Sojitz) for an acquisition of 40pc stake in the company’s wholly owned subsidiary HNMPL.

Sojitz will be in an equity sharing agreement with HNMPL via an investment of Rs 40m. The agreement is subject to the grant of regulatory approvals. Moreover, HNMPL had announced conducting a feasibility analysis of setting up a greenfield project to establish an assembly and sales unit for passenger and 1-ton commercial vehicles in Pakistan.

Earlier this year, Nishat Mills, a subsidiary of Nishat Group had announced venturing with the South Korean Hyundai to set up an assembly plant in the country. The agreement was significant in the sense that it marked the return of Hyundai to Pakistan’s automobile industry in addition to being a strong move to break the monopoly of Japanese companies dominating Pakistan’s automobile industry by assembling cars in Pakistan in collaboration with local partners.

Nishat Mills Limited shares were trading at Rs141.30, up Rs2.03 on Friday morning. KSE-100 index was trading at 38,372.48 points, up 148.93 points from its opening on Friday.