INDU to enter deal with TMEE for automotive part export

By MG News | July 18, 2023 at 12:24 PM GMT+05:00

0:00

July 18, 2023 (MLN): Indus Motor Company Limited (PSX: INDU) has announced that it is entering into an arrangement with Toyota Motor Engineering Egypt (TMEE) for the export of a particular automotive part, INDU’s filing on PSX revealed today.

This is the first step to meet requirements set under the Auto Industry Development and Export Policy (AIDEP) 2021-2026.

The company has issued this notice in response to PSX letter no PSX/Gen-1139 regarding an inquiry on news published in print/ electronic media regarding the aforementioned initiative.

"This arrangement will not have any material impact on the revenue and profitability of the company. It has considered the information not of such significance to be disseminated to the PSX and its members," the notice reads.

This significant milestone marks a small step towards exploring the avenues for export, and a ceremony was held at the plant to cherish the moment, which was covered by the news.

"As the matter progresses and any material information in this regard or otherwise arises shall be timely reported to the exchange and its members, within the timelines stipulated in the exchange regulations," it further reads.

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