Sazgar Engineering Works Limited has announced plans to acquire land worth approximately Rs1.54 billion to support future business needs.
The company disclosed this development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“The board of directors (BoD) of the company, in their meeting held today, November 14, 2024, approved the purchase of approximately 140 kanals of land valued at around Rs1,540 million (subject to actual land measurement) adjacent to the four-wheeler project to meet future business requirements,” the notice stated.
The automaker’s BoD has authorized the chief executive to negotiate terms, finalize conditions, and complete all legal procedures required for the land purchase.
In September, Sazgar Engineering outlined plans to launch New Energy Vehicles (NEVs) in Pakistan by the end of 2025. The company confirmed it will roll out Completely Knocked Down (CKD) NEV models before December 31, 2025.
Sazgar’s Board of Directors approved an expansion plan that includes a paint shop upgrade, new warehousing, a 4-megawatt solar system, and additional NEV assembly units, pending approvals.
This Rs4.5 billion investment, excluding land costs, will be funded internally.
As per the company’s latest financial results, Sazgar saw its profit surge to Rs4.22 billion in the first quarter of FY25, an exponential increase of over 540% compared to Rs658 million recorded in the same period last fiscal.
The company also announced an interim cash dividend of Rs10 for the quarter.
